Legal Services in Bulgaria

The carbon credit was generated through the reduction of greenhouse gas emissions by producing electricity from wind power instead of fossil fuels, announced the company as cited by Market Watch.

The amount of the carbon credit was for about 120 000 tonnes of carbon dioxide emission reduction achieved by the Kaliakra Wind Farm from the launch of its commercial operations in July 2008 until December 2009.

“Since commercial operation began in July 2008, the wind farm in Bulgaria has been operating without any significant troubles, this project will continue to contribute to the promotion of renewable energy utilization in Bulgaria and to the acquisition of carbon credits for Japan,” says Mitsubishi Heavy Industries in its announcement.

The wind farm at the Kaliakra Cape on the Black Sea coast in Northeastern Bulgaria is operated by Kaliakra Wind Power AD (KWP), a joint venture established locally with the Bulgarian engineering firm INOS-1 Ltd. and is approved as a Japanese-Bulgarian Joint Implementation project to reduce greenhouse gases.

The Kaliakra wind park features 35 turbines, each having a power output of 1 MW, i.e. 35 MW in total, sells all of its electricity to the Bulgarian National Electric Company NEK.

“The KWP wind farm has been reducing carbon dioxide emissions by 70,000 - 80,000 tonnes annually compared with conventional thermal power generation. Of the emission credits obtained through the project, up to 350,000 tons will be sold to Japan Carbon Finance, Ltd. (JCF) until fiscal 2012, the last year of the First Commitment Period in the Kyoto Protocol. MHI will purchase any surplus credit beyond 350,000 tons,“ the MHI has explained.

The KWP was capitalized at EU10 million with MHI owning 70% and INOS-1 the remaining 30%.

The MHI reminds that Bulgaria, in line with its joining the EU in 2007, aims to meet 16% of its total energy consumption needs with renewable energies by 2020. The KWP was awarded "Investor of the Year" in the energy sector in December 2008, which is given by the Bulgarian government to outstanding foreign investment projects.

The Kaliakra wind farm project is the second overseas power generation investment initiative of Mitsubishi Heavy Industries, which is one of the leading heavy machinery manufacturers in the world. The first involved investment in AES Energia Cartagena S.R.L., an independent power producer (IPP) in Spain, which signed with MHI in 2003 and commenced commercial operations of gas turbine combined cycle (GTCC) power generation in 2006.

Tags: Mitsubishi, Mitsubishi Heavy Industries, MHI, Kaliakra Wind Park, renewable energy, wind power, wind energy, Japan, carbon dioxide, carbon credit, greenhouse gases, Bugaria Sale