MCCF SIGNS FIRST PROJECT IN ARMENIA

RIA Oreanda
Aug 20 2008
Russia

Yerevan. OREANDA-NEWS . August 19, 2008. The Multilateral Carbon
Credit Fund (MCCF) is expanding its activities to Armenia: Ani Hydro
Corporation OJSC and Stichting Carbon Purchase Intermediary (CPI)
have signed an emission reduction purchase agreement (ERPA) for the
sale and purchase of certified emission reductions to be generated
by the Jradzor Small Hydroelectric Project in Akhuryan in western
Armenia. Stichting CPI is the special purpose vehicle created to
acquire carbon credits for the participants in the MCCF, reported
the press-centre of EBRD.

This ERPA is the first of its kind to be executed under the MCCF and
was negotiated by ICF Consulting Ltd., acting as Carbon Manager for
MCCF in the Western-Balkan, Caucasus and Central Asia regions.

The Jradzor project involves the installation and, from autumn 2008,
operation of a 6MW grid-connected hydroelectric power station and
associated facilities, including an existing irrigation canal. The
clean, renewable electricity generated will be sold to the Armenian
Electricity Network, enhancing the energy independence of the country
as well as contributing to efforts to combat climate change.

The MCCF, launched in December 2006 and sponsored by the European Bank
for Reconstruction and Development (EBRD) and the European Investment
Bank (EIB), is one of the few carbon funds dedicated specifically to
countries from Central Europe to Central Asia.

It employs three independent, private-sector companies, also known as
Carbon Managers, to originate, negotiate, and monitor transactions
for the acquisition of carbon credits from projects financed by the
EBRD or EIB.

The acquisition of the carbon credits is contracted through the CPI,
under back-to-back contracting arrangements between the project
company in question, the CPI and the six private and six sovereign
participants of the MCCF, with the intermediation of EBRD for the
sovereign participants (see also ).

The EIB is the European Unions long-term lending bank, promoting
European objectives.

Established in 1958, it operates within the 27 EU Member States and
in more than 130 countries outside the EU. One of the EIBs priority
objectives is the protection and improvement of the environment,
which accounted for 38 percent of EIB loans within the EU-27 in
2007. For further information visit:

ICF Consulting Ltd., a subsidiary of ICF International (NASDAQ:ICFI)
is a global professional services firm that partners with government
and commercial clients to deliver consulting services and technology
solutions in the fields of climate change, energy and power markets,
and the environment. ICF Consulting Ltd. is Carbon Manager in
MCCFs South-East Zone, which covers Albania, Armenia, Azerbaijan,
Bosnia Herzegovina, FYR Macedonia, Georgia, Kyrgyz Republic,
Moldova, Mongolia, Montenegro, Serbia, Tajikistan, Turkmenistan,
and Uzbekistan. Visit ICF at .