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RWE and Agrinergy establish key partnership
- Joint promotion of climate protection projects
- Strengthening both parties' position on the growing CDM market
RWE today announced that it has acquired a 50% stake in Agrinergy PTE Ltd., Singapore, a leading provider of carbon credit services with a focus on projects under the Kyoto Protocol's Clean Development Mechanism (CDM). Agrinergy provides companies in the developing world with an end-to-end solution - from identifying and registering climate protection projects through to marketing the resulting carbon credits and obtaining related project finance. Coupled with RWE's own CDM expertise and financial backing, both parties aim to develop new CDM projects and strengthen existing and future customer relations.
Agrinergy, currently operating with a team of 20 employees, has operations in Singapore, India, Indonesia, Thailand and the UK. The company's growing CDM project portfolio covers a broad range of sectors - from blended cement, municipal waste, biomass and waste heat recovery to small scale renewable energy projects. RWE currently operates some 100 CDM projects in China, India, Egypt, South Korea, Chile and Vietnam. N2O destruction, energy efficiency project activities (e.g. energy savings lamps and heat recovery), hydro and wind power, coal mine methane recovery, biogas and biomass projects are at the core of RWE's CDM activities.
Dr. Michael Fuebi, Vice President Climate Protection at RWE Power, stated: "We're very pleased to have entered this partnership with Agrinergy. This will strengthen our position in the CDM market, which is one of the key instruments for global climate protection. We expect a number of synergy effects from this partnership, since we'll be able to combine both Agrinergy's and our own CDM project management experience with our company's financial strength. Our joint aim is to do develop more projects, find new partners and contribute still further to climate protection schemes across the world." RWE is investing in Agrinergy via its subsidiary RWE Power Climate Protection GmbH.
Ben Atkinson, Director of Agrinergy, said: "The combination of Agrinergy's in-depth CDM know-how and experience coupled with RWE's financial backing will allow us to provide a comprehensive and tailored offering to CDM projects - from carbon credit purchase to project funding and technical and engineering expertise."
Agrinergy is a leading provider of carbon credit services, with a focus on the Clean Development Mechanism, one of the three flexibility mechanisms outlined in the Kyoto Protocol. Agrinergy provides companies in the developing world with an end-to-end solution - from identifying and registering climate protection projects through to marketing the resulting carbon credits and obtaining related project finance. The core competences of Agrinergy are CDM Project Identification, Registration and Commercialisation and Clean Investment Advice.
Being one of the first players in the carbon market, Agrinergy has a strong presence in Asia and a successful track record in registering and transacting CDM projects. Agrinergy has produced successful methodology submissions, developed the first registered bagasse CDM project and has a diversified portfolio of projects covering a wide range of sectors. www.agrinergy.com.
Clean Development Mechanism: Within the context of the Kyoto Protocol, it has been agreed that a power generator in the European Union is entitled to carry out emission reduction projects through investment in third-party, foreign plants in a developing country. Thereby generated carbon credits can be used as part of the power generator's compliance within the European Emissions Trading System.
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