Azerbaijan, Baku, August 17 / Trend A. Badalova /
Azerenergy OJSC (Azerbaijani electric operator) has signed an agreement with the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) within the Multilateral Carbon Credit Fund (MCCF) to develop the effectiveness of electric power production in Azerbaijan, the message posted on the official EBRD website said.
"Azerenergy and Stichting Carbon Purchase Intermediary (CPI) concluded the ERPA agreement (emission reduction purchase agreement) to sell and purchase certified quotas for emissions, which are appearing as a result of the reconstruction of the Azerbaijani thermal electric power station in Mingechevir, i.e. released as a result of using energy saving technologies," the message said.
CPI is a special means created to purchase hydrocarbon loans for MCCF participants.
This project allows the company to increase energy effectiveness from 32 percent to 41 percent and reduce CO2 emissions.
This agreement is the first one implemented within MCCF in Azerbaijan. ICF Consulting Ltd. is its consultant.