Adani Power to earn Rs 600 cr in carbon credits

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Adani Power to earn Rs 600 cr in carbon credits
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Adani Power Limited, today announced that the plant in Mundra, Gujarat, consisting of two units of 660 MW each, has received carbon credits under the Clean Development Mechanism (CDM) of the United Nations Framework Convention on Climate Change (UNFCCC).

Adani Power Limited, is a subsidiary of Adani Enterprises Limited and part of the Adani Group.

This achievement makes the Mundra plant the world's first coal fired power project to receive carbon credits. With this measure, the plant is expected to generate about 1.8 million Certified Emission Reductions (CERs) each year.

Adani Power is expected to earn Rs 600 crore by trading these carbon credits during the first 10 years of its operations.

Commenting on this achievement Mr. Rajesh Adani, MD, Adani Power said, "While the reduced combustion of fossil fuels will help conserve precious natural resources, the carbon credit issuance to our project will also encourage other entities to implement similar projects to reduce their own carbon footprint. Additionally, we are confident of expanding our generation capacity to nearly 10,000 MW by March 2013."

Adani Power, which is India's largest private thermal power producer, operates the world's largest single-location private thermal power plant of 4,620 MW capacity.

In 2009, the Phase III of Mundra plant had the distinction of becoming the world's first project registered under ‘ACM0013' methodology under CDM of the UNFCCC. This methodology is used to register thermal power projects which use technologically advanced equipment that burn a lesser quantity of fossil fuel.

The shares of the Adani Power was seen trading higher by 2.32% on BSE at 1.30 pm IST.

Read more about: adani power, adani enterprises
Story first published: Monday, September 10, 2012, 13:34 [IST]
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