The Nordic Environment Finance Corporation announced on Monday that the Finnish utility company Kymppivoima Oy has invested 4,6 million euros into the NEFCO Carbon Fund (NeCF). The NeCF buys carbon credits on behalf of its investors, thus helping governments and companies to meet greenhouse gas emission reduction targets under the Kyoto Protocol and the EU Emissions Trading Scheme.
Kymppivoima Oy is an asset holding and development company with the task of administering and developing generation allocations owned or administered by the company and ensuring diverse electricity generation for its owners under the principle of cost-based pricing. Since April 2006, Kymppivoima Oy has been an investor in the Baltic Sea Region Testing Ground Facility (TGF) which is a carbon fund for eastern Europe also managed by NEFCO. Through its investments in NEFCO’s two carbon funds, Kymppivoima procures carbon credits for its members’ commitments under the EU Emission Trading Scheme.
The NEFCO Carbon Fund was launched in spring 2008 and its capitalisation now stands at EUR 76.6 million. NeCF’s other investors are DONG Energy, the Danish Energy Authority, Industrialiseringsfonden for Udviklingslandene (IFU) , the Norwegian Ministry of Finance and NEFCO itself.
Read more about Kymppivoima (In Finnish)