A Consortium consisting of Orbeo, FCCM and P12, finalizes a Pre and Post 2012 deal in Morocco
RABAT, Morocco, October 25, 2010/African Press Organization (APO)/ — Within the framework of the Clean Development Mechanism (CDM) of the Kyoto Protocol, a consortium consisting of ORBEO, Fonds Capital Carbone Maroc (FCCM) and the Post 2012 Carbon Credit Fund (P12, advised by First Climate), today announced the signature with the Moroccan utility Office National de l’Electricité (ONE) of a 2 million tonnes CO2e Emission Reduction Purchase Agreement active until 2018.
Carbon credits will be issued by a 140 MW wind power project, the largest operational wind farm in Africa, located in the heavily winded area of Tangiers in North Morocco. The project has been operational for one year and is part of the Moroccan government’s renewable energy program.
The consortium will manage this carbon credit programme following an international tender process launched by the ONE for the sale of carbon credits.
Under this agreement, the Consortium will manage the project’s registration process under the United Nations Framework Convention on Climate Change (UNFCCC), and will purchase the pre and post-2012 Certified Emission Reductions (CERs*) coming from the project.
Simon Brooks, European Investment Bank Vice President responsible for renewable energy said “The European Investment Bank has supported the Tangiers wind farm through a EUR 80m loan and been engaged with the Post 2012 Fund since 2008. We strongly support the Moroccan government’s long term goal of using renewable energy to improve energy security and encourage sustainable development. This deal demonstrates confidence in the flagship project post-2012.”
Azzedine Khatami, Strategic Project Manager at ONE, comments on the timing of the ERPA: “The wind farm project is very successful; its completion represented an important milestone on Morocco’s way towards a larger share for renewable energy. We cannot rest on our laurels, though, loans need to be repaid and given the uncertainty about the post-2012 period, the ONE decided to sign the ERPA for the pre and post-2012 CERs. The consortium’s bid was the best fit for us.”
Laurent Valiergue, Origination Director at ORBEO, adds: “ORBEO is proud to have acted as a designer of this deal, by bringing together different capabilities, especially in term of risk management associated to post 2012 CERs. This excellent cooperation has led to minimize the risks while maximizing the revenues for ONE. This deal shows we are willing to support the future of mechanisms which contribute to the fight against climate change”.
Urs Brodmann, Executive Board Member of First Climate who acts as Investment Adviser to the Post 2012 Carbon Credit Fund says: “This transaction is a flagship investment for the Post 2012 Carbon Credit Fund, whose mission is to help bridge the period of uncertainty until a successor regime to the Kyoto Protocol comes into place. It underlines the growing importance of Africa as a place for carbon investments. We are also particularly pleased about the synergies created with the European Investment Bank, German KfW and the Spanish ICO, all of whom were already involved in the financing for some of ONE’s projects and are also investors in the Post 2012 Carbon Credit Fund.”
Hassan Laaziri, CEO of the FCCM asset manager CDG Capital Private Equity, states: “FCCM is glad to be part of this deal; we are very confident in the future of the Moroccan carbon market and hope to sign other contracts very shortly. By purchasing carbon credits, FCCM is committed to help the development of CDM projects in the country and make Morocco one of the African leaders in this field”.
SOURCE
European Investment Bank (EIB)
