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09 Jul 2012 03:07:41

Record transaction brokered by Ecosur Afrique in West Africa

Ecosur Afrique is pleased to announce the signing of a forward sale of 1,600,000 CERs between Biokala, an affiliate of SIFCA, the leading agro-industrial group in West Africa, and Mercuria, one of the world's five largest independent energy traders.

The agreement is the largest carbon credits deal ever closed in the West African Economic and Monetary Union (WAEMU).

The overall transaction has been structured by ecosur afrique, the leading carbon broker and CDM consultant in Africa. Fabrice Le Saché, CEO of ecosur afrique, expressed the company’s satisfaction: « we started our activities in Côte d’Ivoire back in 2009 and it is thus of a particular importance for our team to set a new regional record in this country. Despite the context of financial crisis and poor market conditions we experience a strong organic growth due to the appetite for African carbon credits combined with the qualitative and quantitative increase of our project pipeline».

Carbon credits sold by Biokala will be generated through the implementation of a 40 MW biomass power plant based on palm oil residues. Electricity produced will be exported to the national grid and thus will reduce the share of fossil fuels and thermal power plants in the Ivorian grid energy mix. As a result, the national grid will become less carbon intensive, the project preventing further greenhouse gas to be emitted into the atmosphere.

David Billon, Biokala CEO, emphasized the pioneer initiative of the company: «African biomass is a financial asset that is currently undervalued. Our vision is to create revenues by converting this untapped biomass into electricity and carbon credits. Biokala is the first entity in the region to conduct such a project at this large scale ». Commercial operation is expected to start in Q4 2015.

Certified Emission Reductions are purchased by Mercuria for a period of 10 years. Jean-François Steels, Head of Emissions Markets, explained: « the forward sale closed with Biokala is a tangible sign of Mercuria’s involvement in carbon markets and of the rising share of Africa in our portfolio. Such carbon markets offer growth opportunities in both the short and medium terms».

In charge of the CDM process, ecosur afrique started the project validation in Q1 2012 for an expected registration by the CDM Executive Board in Q4 2012.

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