09 Nov 2012 01:11:15
Ecosur Afrique brokers 315 000 CERs between Suzlon-PadGreen and Standard Bank
Ecosur Afrique is pleased to announce the signing of a forward sale of 315,000 Certified Emission Reductions (CERs) over a 7 year period between Suzlon-PadGreen (consortium of PadCo and Suzlon) and Standard Bank, South Africa's largest bank. PadCo is a Mauritius based engineering and construction group and Suzlon the world's fifth largest wind turbine supplier and a leading wind farm developer.
Carbon credits to be sold under the forward agreement will be generated by a 29.4 MW wind farm to be established in Curepipe Point, southwest of the island, of Mauritius. The electricity produced will be exported to the national grid heavily relying on fossil fuels like coal and HFO. Power Purchase agreement has been signed with the state grid company CEB in August 2012, while commercial operations are due to start in Q3 2014.
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, explained that the underlying project will be integrated under Standard Bank Renewable Energy Program of Activities (PoA), also developed by Ecosur Afrique: “this transaction provides additional substance to Standard Bank PoA and extends the program to a new country: Mauritius. Suzlon-PadGreen CERs will benefit from the PoA to qualify into the European Union Emissions Trading Scheme after 31st December 2012."
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