ABN AMRO Arranges CER Purchase From Fijian Hydro Projects

0 Comments | Renewable Energy Today, June 8, 2005

Netherlands-based international bank ABN AMRO recently announced the arrangement of a carbon credit transaction between two private sector entities involving the purchase and on-sell of certified emission reductions (CERs) created from two hydroelectric projects.

According to ABN AMRO, the bank is contracted to purchase 100 percent of the CERs created from the two projects, which are owned and operated by Sustainable Energy, Ltd. (SEL), a joint venture between Pacific Hydro, Ltd. and the Fiji Electricity Authority (FEA). ABN AMRO in turn is contracted to sell the CERs to Accord Energy, Ltd., the trading arm of FTSE 100 energy and home services company Centrica plc.

"This cross-border deal represents the first bank arranged carbon credit trade between two private sector organizations," said ABN AMRO Australian Commodity Derivatives team director Craig McBurnie. "The deal has required an extensive understanding of the carbon trading landscape and the two hydro energy projects underpinning the deal's success."

ABN AMRO noted that the seven-year carbon emissions deal will be subject to ongoing monitoring of emission reduction performance.

Contact: ABN AMRO, website http://www.abnamro.com.

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