| SRF inks four deals for carbon credits |
| Our Web Bureau / Mumbai May 18, 2006 |
| SRF has signed four new contracts for the sale of a further 2.5 million carbon credits from its HFC-23 thermal oxidation CDM project. This takes the sales of carbon credits during this calendar year to 3.9 million carbon credits. According to a release issued by SRF to the BSE today, the latest contracts include sales to two new buyers that are large European utilities and to two existing buyers. "These contracts have been finalised at fixed prices. PricewaterhouseCoopers acted as financial adviser to the company on the transactions," the release added. The CDM executive board, under the United Nations Framework Convention on Climate Change (UNFCCC), approved the issuance of a further 19,84,947 carbon credits to the project last week. A total of 3.8 million carbon credits have now been issued to the company's project accounting for more than 50% of all carbon credits issued globally by the CDM executive board, the release added. The implementation of SRF's CDM project for the incineration of HFC- 23 by thermal oxidation is well ahead of its planned schedule. "The company had initially planned to receive its first cash flows from the project during the 2006 |
