| Publication Date: | viernes, agosto 18, 2006 |
| News Title: | Consortium Central America Attorneys in El Salvador advises the Andean Development Corporation (CAF) in the sale and purchase contract of Reduction of Emissions Certificates |
| News Details: | |
On August 28th the sale and purchase Contract of Reduction of Emissions Certificates (ERPA) was signed between the Andean Development Corporation (CAF), who acted as representative of the Government of Holland, and La Geo, S.A. de C.V, geothermal energy generation company, for the amount of approximately $1 Million Dollars. The government of Holland will purchase carbon bonds that will allow electricity generation with emissions of 180 thousand tons of carbon monoxide per year. For this transaction, Beatriz Beltranena and Carlos Oviedo of Consortium Central America Attorneys in El Salvador, acted as external counsel for CAF during the review and execution of the contract. This purchase pursues to generate clean energy, protect the environment from polluting emissions and at the same time diminish global warming. The executed contract complies with the Kyoto Protocol, adopted under the United Nations Framework Convention on Climatic Change. The said convention has been subscribed and ratified by El Salvador. The ERPA at the same time complies with Salvadoran law. During the execution, the Honorary Consul of Holland in El Salvador, Mr. Andre Wever; the commercial attache for El Salvador of the Embassy of Holland, Mr. Enno Van Der Graff; the General Manager of La Geo, Jose Antonio Rodriguez; of the Ministry of Environment and Natural Resources Mauricio Ayala, and the lawyers of Consortium Central America Attorneys in El Salvador, Beatriz Beltranena and Carlos Oviedo were present. This is the first sale of carbon bond emissions made in El Salvador and it is expected to go into effect when the project starts in November, 2006. |
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