Perenia
Complete Carbon Solutions
News
General
Perenia announces appointment of CEO
Perenia is pleased to announce the appointment of Mr Michael Wiener to the position of Chief Executive Officer. Michael has been with Perenia since its inception in 2007 and prior to that was instrumental in the establishment and evolution of the SMEC carbon services business (which Perenia acquired in 2009).
Michael brings an outstanding mix of deep carbon industry expertise coupled with a proven track record in building and managing an organisation. Michael has played a key role in transforming Perenia from a business concept some five years ago into a market leader combining strategic advisory services that assist companies identify their carbon risks and opportunities with a diverse portfolio of offsets from emission reduction projects throughout the developing world.
“I am delighted to be leading Perenia at this exciting time in Australia as we commence the transition to a low carbon economy. Perenia’s unique service offering sees us well placed to take advantage of new opportunities emanating from a carbon price in Australia and in other markets throughout Asia in which we are active.” Mr. Wiener said.
Westpac completes deal with Perenia to acquire primary carbon credits
Westpac announced today the completion of a deal with Perenia whereby the bank will off take Primary Certified Emission Reductions (CERs) generated by a Clean Development Mechanism (CDM) registered hydro-electric project in northern India.
The CDM is a system under the Kyoto Protocol that enables emission reduction projects in the developing world to generate carbon credits or CERs that can then be sold to other parties to assist in meeting their carbon liability.
Director of Commodities, Carbon & Energy Mike McKensey said that the deal provides further evidence of Westpac’s commitment to developing a full suite of traded carbon products that businesses can use to efficiently manage their carbon position.
“Accessing CERs is likely to be an important part of managing a carbon liability in Australia,” Mike McKensey said. “For Westpac, it is important that we have the capability to provide customers with the full suite of carbon products. Accessing primary CERs is one of the more difficult but desirable carbon products that are part of our offering.”
Michael Wiener, Perenia’s Director of Operations, said that Perenia was pleased to be providing CERs from its portfolio of high quality emission reduction projects to an Australian counterparty, demonstrating the effectiveness of emissions trading.
“The revenue from the sale of the CERs has supported the development of the hydropower project in India, contributing to the environmental and social development of the region,” Michael Wiener said. “While the CERs provide a flexible, low risk and cost effective means for a business to manage its carbon liability.
“This is the first transaction that Perenia and Westpac have completed and we look forward to further developing that relationship as the carbon market in Australia matures,” Michael Wiener further commented.
Westpac has been trading carbon since 2006. The bank offers a full range of solutions across the Australian, European and New Zealand carbon markets. This includes spot, forward, derivative and structured contracts for Australian Emission Units, New Zealand Units, European Union Allowances, Certified Emission Reductions and Emission Reduction Units in a range of currencies.
Perenia is a complete carbon solutions provider owned by SMEC, Pacific Hydro and Mitsui & Co., Ltd. Perenia is a unique company in the Australian landscape combining strategic advisory services that assist companies identify their carbon risks and opportunities with a diverse portfolio of emission reduction projects throughout the developing world that provide a cost effective means for businesses to manage their carbon liability.
Perenia signs Australia’s first International AAU carbon trade with Carbon Conscious Ltd
Perenia signs Australia’s first International AAU carbon trade with Carbon Conscious Ltd
Perenia Pty Ltd has contracted market leading carbon forest sink developer Carbon Conscious Ltd to supply 10,000 future internationally exportable Australian Government backed Assigned Amount Units (AAU’s), in an Australian first.
The deal involves Carbon Conscious planting approximately 50,000- 70,000 mallee eucalypt trees on marginal Western Australian farm land and delivering AAU’s to Perenia, in line with tree growth, under the Australian Governments Carbon Farming Initiative.
The parties agreed on a delivery price from AU$16 per unit.
Carbon Conscious CEO Peter Balsarini said “we are pleased to be undertaking this important first transaction ahead of what we consider to be a large potential market for Carbon Conscious and other Australian carbon forest sink companies that will follow. We are also pleased to be working with leading carbon originator Perenia and believe there are strong synergies and future opportunities for our companies to explore.”
Perenia is a complete carbon solution provider owed by Mitsui & Co. Ltd, Pacific Hydro and SMEC. Mitsui and Co Ltd is one of Japan's leading trading houses with total revenues of US$59 billion and total assets of US$106 billion in FY 2008. Pacific Hydro are Australia’s premier renewable energy company and one of the largest independent, specialist renewable energy businesses in the world. SMEC, or Snowy Mountains Engineering Corporation, one of the world’s leading engineering and development consultancies with over 4,000 employees and operations throughout Australia, Asia, Middle East and Africa.
Perenia CEO David Tow said “This pioneering deal supplements Perenia’s focus on further building its quality portfolio of carbon origination projects throughout the Asia Pacific region. Australia offers substantial opportunity for large scale environmental forestry projects due the countries land mass, stable Government and property laws, providing for diversification within Perenia’s current portfolio of projects under the Clean Development Mechanism (CDM). We are encouraged by the Australian Governments ongoing commitment to programs such as their Carbon Farming Initiative, which could lead Australia’s engagement with existing international carbon trading markets and look forward to working further with Carbon Conscious Ltd”
The Federal Government’s Carbon Farming Initiative opens up large international markets for Australian forestry companies that will supplement the chosen domestic mechanism for pricing Australian emissions. Forestry projects are expected to lead the international Australian AAU market due to strong and well defined systems for measuring and verifying carbon forest sink plantations in Australia.
Australia’s first forestry backed AAU deal follows pioneering and unmatched deals announced by Carbon Conscious in 2009 with Origin Energy and BP Singapore worth up to $169 million and $2.5 million respectively designed for the planned Rudd Government’s Carbon Pollution Reduction Scheme or CPRS.
Trees will be established in a permanent manner, will store carbon over a 30 year period and will be maintained by Carbon Conscious Ltd through their Carbon Capture ProgramTM.
Mallee eucalypt trees are native to Australia, help reduce salinity and wind erosion on farms whilst contributing to the fight against climate change. Importantly, trees established by Carbon Conscious Ltd are not competing with food production as they are established in areas deemed marginal for agriculture due to location, soil type and other key factors.
For further information please contact;
Peter Balsarini – (JavaScript must be enabled to view this email address)
David Tow – (JavaScript must be enabled to view this email address)
Perenia Prepares World Commission on Dams Compliance Reports
Perenia is currently compiling World Commission on Dams (WCD) Compliance Reports on several projects in India, Vietnam and Chile for local and international renewable energy companies. The reports focus on the sustainable development impacts of projects and the process for obtaining consent from impacted or resettled communities.
The European Union Emissions Trading Scheme requires that all CERs from large hydro power projects (over 20MW capacity) adhere to the principles of the WCD. For hydro developers seeking to maximise the value of CERs generated WCD compliance is therefore vital. To demonstrate compliance with the WCD principles a Compliance Report must be prepared, which is then validated by a Designated Operational Entity.
With a number of registered hydro projects, coupled with the engineering expertise of our shareholders, SMEC International and Pacific Hydro, Perenia’s understanding of the technical, environmental and social dimensions of hydropower means we can efficiently author draft WCD Compliance Reports and lead the project through third party validation. All of our reports draw on the “harmonised EU interpretation” of the WCD guidelines and the accompanying pro-forma.
For optimum efficiency and cost effectiveness WCD Compliance Reports should be prepared concurrently with the PDD enabling validation of the two documents to occur simultaneously.
For further information on WCD compliance and Perenia’s CDM experience, please contact:
Michael Wiener
Director International Operations
(JavaScript must be enabled to view this email address)
