Tricorona first to develop CDM project in Senegal

Press Release   •   Feb 10, 2011 11:48 GMT

Tricorona, Compagnie Sucrière Sénégalaise* (CSS), and ecosur afrique are pleased to announce the registration of the first ever Senegalese project under the Clean Development Mechanism** (CDM). The project is a biomass energy efficiency project in a sugar farm in northern Senegal and it is one of Tricorona’s first in Africa. The project enables the plant to use their own biomass waste products as a fuel instead of fossil fuels and export the electricity surplus to the national grid. This will reduce 262 000 tonnes of carbon emissions during the next seven years.

“We are very proud to be the first Senegalese company benefiting from carbon credits revenues, says André Froissard, General Manager of CSS. This achievement rewards our continuous efforts to invest in innovative and clean technologies. CSS is part of the Senegalese history and today we are also honoured to represent our country in the international carbon market. Our action is a concrete step to support the fight against climate change. Obviously we would like to share our success with our partners including our staff and the Senegalese authorities. They supported us from the very beginning and showed a great interest along the 2-year long procedure”.

Tricorona as a leading project developer and buyer of carbon credits, purchased the CSS carbon credits that will be produced over a seven year period.

“We purchased carbon credits from CSS back in 2009 with a pioneer vision. This project is a clear signal of Africa being a fast growing market for carbon related transactions, says Moe Moe Oo, Managing Director of Tricorona Carbon Asset Management. We foresee the rise of this continent in a post 2012 Kyoto regime and we invested to source projects from Africa in the early days. This historic involvement makes Tricorona one of the largest buyers of African credits and one of the few buyers that actually have registered and commissioned projects with a potential to yield pre-2012 credits. This year should mark new progress on other projects of our portfolio in this region.”

ecosur afrique has been in charge of carbon credits brokerage and CDM registration. Fabrice Le Saché, chairman and CEO of ecosur afrique commented:

“After Côte d’Ivoire, Senegal is the second African country where ecosur afrique registers a first ever CDM project. Obviously, these achievements evidence our operational ability to deliver solid results for our clients. CSS registration is another example of our unique African expertise. We are now strongly focused and deeply committed to follow up with the project to ensure an optimized verification and the ultimate issuance of carbon credits.”

* Compagnie Sucrière Sénégalaise* (CSS) is an affiliate of Mimran Group.
**The Clean Development Mechanism, CDM, is a system or framework laid out in the Kyoto Protocol for the development of carbon emission reduction projects in developing countries. All projects are carefully reviewed and monitored by the UNFCCC to ascertain their emission reductions.

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For more information contact:
Moe Moe Oo, Managing Director Tricorona, phone:  +65 6499 1290  +65 6499 1290
Aurélie Lepage,  Chief Operating Officer ecosur afrique,
Abdoulaye Diouf, Responsable QHSE (SCC Senegal),

Tricorona’s mission is to invest in and trade environmentally related market instruments. Most of the investment and trade is done in project-related emission credits, or “CERs” (Certified Emissions Reductions), within the framework of the Kyoto Accords. Over the past year, business has increasingly come to focus on these instruments, and we now operate mainly in the areas of:

Emissions Trading (CAM, CAS, CCM)
Brokerage (SKM)
Carbon Offsetting (TCP)