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Nga awa purua Geothermal Sells carbon credits
28 July 2011
Nga awa purua Geothermal Sells carbon credits
The Nga Awa Purua Joint Venture, owned by the Tauhara North No. 2 Trust and Mighty River Power, has recently concluded the sale of 410,000 Emissions Reduction Units (ERUs) to Deutsche Bank AG for NZ$9.3m at NZ$22.78 per unit.
The Joint Venture, which owns the Nga Awa Purua geothermal power station, secured rights to up to 791,000 Projects to Reduce Emission units (PREs) in 2004. In the first year after commissioning, the geothermal power station earned 410,000 ERUs from the PRE scheme, which were on-sold internationally.
The New Zealand Government PRE scheme operated in 2003/04 and allocated PREs to qualifying greenhouse gas emission reduction projects, in order to reduce the country’s overall carbon emissions. The PRE allocation to the Nga Awa Purua geothermal power station reflects its displacement of high carbon intensity thermal electricity generation.
The 140MW Nga Awa Purua geothermal power station is located on the Rotokawa geothermal field North-East of Taupo, and was commissioned in early 2010.
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