09 Nov 2012 01:11:21
Ecosur Afrique brokers 1.1 million CERs to Eneco from the biggest EE PoA in Sub-Saharan Africa
Ecosur Afrique is pleased to announce the signing of a forward sale of 1,100,000 Certified Emission Reductions (CERs) between ICIMI and Eneco, the leading Dutch renewable energy producer (EUR 5 billion turnover, 3 500 employees).
The deal features a combination of firm and optional volume of CERs over a 7 year period. The carbon credits that will be sold under the forward agreement will be generated from the distribution of energy saving compact fluorescent lamps (CFLs) to households across Nigeria.
The overall transaction has been structured and brokered by Ecosur Afrique, the leading CDM consultant and carbon broker in Africa. Fabrice Le Saché, CEO of Ecosur Afrique, welcomed the deal as another sign of the African growth in today's carbon markets: "primary markets' potential lies in the African continent. Quality projects such as the PoA developed by ICIMI qualify under compliance and voluntary premium schemes. High level of sustainability helps to monetize emissions reduction and to create value as it multiplies market channels and arbitration opportunities for sellers."
Commenting on the successful transaction, managing director of ICIMI, Cassandra Jayesimi expressed the company's satisfaction: "ICIMI is pleased to have Eneco as a partner in this project. Eneco is a pioneer of energy efficiency CDM with significant market insights and financial abilities to support ICIMI's goal of nationwide adoption of efficient lighting technology in Nigeria, Africa's most populous nation. The PoA will distribute 40 million CFLs to 13 million households. These households endure constant light outs and power outages due to limited electricity capacity in the grid. Thanks to the support of Nigerian DNA and local authorities the project will help to conserve the energy that is available and manage grid capacity. The project represents our commitment to bringing large-scale sustainable energy projects to Africa. Plans are underway to implement similar projects in the least developed countries in Africa."
Edit Kiss, transaction manager at Eneco explained the company involvement: "Africa is one of our rising focuses. We are actively developing opportunities in this region and having looked at many energy efficiency CDM projects, ICIMI's PoA matches our strategy: the project is at an advanced stage of development and the scale of the program is particularly significant as the largest CDM energy efficiency project undertaken in Sub-Saharan Africa."
At full implementation, the project is expected to capture 13 million tonnes of CO2 over a 10 year period. The Project is under validation and will seek UNFCCC and Gold Standard registration by Q4 of 2012.
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