China plans to raise $100m through a 250MW biomass venture that is expected to yield 1.5 million carbon offsets a year.
The biomass energy project will use waste agriculture biomass to produce electricity from five newly constructed 50MW power stations.
The power plants will use five sources of biomass including wheat straw, corn stalks, cotton stalks, peanut stalks and soy bean stems.
The project is owned by Shenzhen Hanyuan Green Energy Resource, and intends to raise between $30m and $100m primarily from private European investors.
GA Group will raise the funds and the Environmental Intermediaries and Trading Group will be responsible for registering the project under the U.N.'s clean development mechanism and selling the resulting offset credits, according to Reuters.
EITG director Richard Hayes said that the project is capable of delivering up to 1.5 million certified emissions reductions (CERs) annually if successfully approved.
"We intend to offer most if not all the CERs in the EU market via a term sheet on a forward contract once we have the financing in place," Hayes said.
© EBR 2011.
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