News 2011 › 2011-12-01
GreenStream partnering major PV project
GreenStream Network was contracted earlier this year to provide services for the generation and capitalisation of carbon credits under the Kyoto Protocol for one of the world’s largest solar photovoltaic power projects, the Ohotnikovo power plant in Ukraine. The agreement further reinforces GreenStream’s position as the leading Nordic expert in managing the carbon finance cycle of greenhouse gas emission reduction projects,
The Ohotnikovo project was developed by Austrian-based Activ Solar, which has pioneered the development of solar PV in Ukraine and completed the final two stages of the 80 MW Ohotnikovo facility in October; it is now the largest solar PV installation in Central and Eastern Europe and the fourth-largest anywhere.
The plants are part of Ukraine’s national Natural Energy project launched in 2010 and aimed at developing a total solar power plant capacity of 2,000 MW and generating 30% of the country’s energy from renewable resources by 2015.
GreenStream’s expertise in carbon financing will help Ukraine reduce significant amounts of CO2 emissions, making a valuable contribution to financing Natural Energy projects. This is already happening in China, for example, where GreenStream has contracted carbon credits from some 60 projects, covering emission reductions totalling over 50 million tonnes of CO2, equivalent to Finland’s total annual CO2 emissions.
To consolidate its position on the Chinese market, GreenStream Network plans to launch a new €200 million fund specifically to invest in projects in China in early 2012. Unlike GreenStream’s existing funds, which repay their investors with carbon credits, the China GreenStream Fund will pay a cash return, targeting internal rates of return of 20% for institutional investors. Rather than just buying carbon credits, the 10-year fund will invest in the underlying renewable energy, energy efficiency, and other ‘clean energy’ projects.