West Indies Power (Nevis) Ltd. initiates CDM project certification
~~Adz:Left~~ Charlestown, Nevis - On October 1st. 2008, West Indies Power (Nevis) Ltd signed an agreement with Carbon Resource Management, a Geneva based company, for the consultancy and assistance with the certification of it's 35MW geothermal plant in Nevis under the Clean Development Mechanism (CDM) established and defined under Article 12 of the Kyoto Protocol to the United Nations Framework Convention on Climate Change.
Once this project is registered and validated under CDM, West Indies Power (Nevis) Ltd will be able to produce around 166,000.00 (CERs) per year for the first year of operation of 35MW geothermal plant. Certified Emission Reductions (CERs) are one metric tone units of CO2 Equivalent (CO2e) emission reductions (ERs) generated from emission reduction projects located in non-Annex I countries (mostly developing countries).
Currently there are 1523 projects worldwide registered under CDM, 1116 out of them are in the energy sector. In the Caribbean Sea basin, there are only two renewable energy projects registered under CDM – wind farm projects in Cuba and Jamaica. West Indies Power (Nevis) Ltd. expects that 35MW geothermal plant in Nevis will become a first CDM certified project in the Lesser Antilles.
West Indies Power (Nevis) Ltd is an independent private renewable energy development company, currently finalizing financing structure for the construction of the first 35MW geothermal power plant in Nevis.
This project will create power generation through the drilling of geothermal wells and the installation of steam turbine power units reducing greenhouse gas emission and contributing, in this way, to the effort of preventing damaging climate changes. West Indies Power (Nevis) Ltd expects to finalize the exploration phase in Nevis by the end of October, when third slim well is due to the completed at Nevis 3.
Carbon Resource Management is an international company with offices in Geneva, the UK and China, which designs and develops projects to produce and sell greenhouse gas emission reductions on an industrial scale. The venture combines the expertise of the global carbon team transferred from the IT Power Group and is led by Nick Clarke, who established the successful First Carbon Fund.
Vitol, a leading oil and energy trading company, became a shareholder in the company in April 2008, strengthening the company's position in the carbon market. The Carbon Resource Management team has a proven track record in taking projects from their initial concept stage to obtaining funding following the sale of emission reduction certificates.
The carbon market grew by 80% in 2007 to reach an estimated value of US$60 billion for the year. Demand for carbon credits arises primarily from those countries that have taken on targets under the Kyoto Protocol, between 2008-2012.
