Brussels, 27/10/2010 (Agence Europe) - 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 and in which the European Investment Bank has participated since 2008), announced on Monday 25 October that the Moroccan Utility Office National de l'Electricité (ONE) had signed an agreement to buy emission rights equivalent to 2 million tonnes of CO2. The agreement remains valid 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 which has been operational since June 2009, is part of the Moroccan government's renewable energy programme.
The consortium will manage this carbon credit programme following an international tender process launched by ONE for the sale of carbon credits.
Under the 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. (O.L./transl.jl)