ATMD advises EcoWise subsidiary on 1st Emissions Reduction Purchase Agreement (ERPA) for sale of Carbon Credits in Singapore

28 November 2007

Bee Joo Industries Pte Ltd, a wholly owned subsidiary of Sesdaq-listed ecoWise Holdings Limited, a Singaporebased integrated environmental solutions provider, has become the first Singapore registered company to successfully secure the sale of Certified Emission Reduction Certificates (CERs), commonly known as Carbon Credits.

Under an Emission Reductions Purchase Agreement (ERPA), Bee Joo Industries will sell to Kansai Electric Power Co Inc, a leading electric power company in Japan, up to 95,000 CERs, generated from Clean Development Mechanism (CDM) project. The ERPA with Kansai will be for carbon credits generated from early 2008 until 31 Dec 2012.

Susan de Silva from Alban Tay Mahtani & de Silva (ATMD) worked with KYOTOenergy's lead counsel to advise Bee Joo Industries on the Singapore law aspects of the ERPA.

Bee Joo’s CDM project is currently in the registration process with the United Nations Framework Convention for Climate Change. The CDM project involves drying of waste, such as spent grains from breweries, and heating of ISO tanks at a centralized dryer which will result in the saving of 6.1 million liters of diesel every year.

Said Susan de Silva, “With Singapore a recent signatory to the Kyoto Protocol, we expect to see more Singapore companies involved in the CDM projects and trading carbon credits. We expect more companies to embrace the CDM mechanism to combat the challenges of climate change while generating revenue for their businesses.“

ATMD has advised both multinational and local clients on environmental issues including environmental compliance, environmental due diligence and transactional project. Susan de Silva has been noted for her expertise having been named as a leading individual in environmental law in The International Who’s Who of Environment lawyers (2004, 2005, 2006 editions) and The International Who’s Who of Business Lawyers (Environment) (2004/2005 & 2006 editions).

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