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MCCF to purchase carbon credits from a group of ten small hydropower plants

28.09.2010 16:53

MCCF to purchase carbon credits from a group of ten small hydropower plants

YEREVAN, September 28, /ARKA/. The EBRD-EIB Multilateral Carbon Credit Fund (MCCF) said it has agreed to buy carbon credits from a group of ten small hydropower plants in Armenia, bundled into a single project under the Clean Development Mechanism (CDM) framework.

The EBRD is working together with Ameriabank CJSC, one of the largest banks in Armenia with a leading position in Armenia’s energy financing, whose role is to aggregate the resulting emissions reduction units. In 2010 Ameriabank has completed the introduction and implementation of the Environmental and Social Management System.

With the support of the EBRD’s Armenian Renewable Energy Program, under which the Bank provided $7 million to Ameriabank CJSC (legal successor of Cascade Bank CJSC) for on-lending to local Armenian companies, Ameriabank has financed the development of the hydropower stations participating in the transaction. Out of 149 small hydro power plants in Armenia, Ameriabank has financed 27 with a total capacity of around 60 megawatts.

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