LONDON–(BUSINESS WIRE)–Revonergy Inc. (“Revonergy” or the “Company”) (OTCBB-RNRG) announces that its wholly owned subsidiary, Revonergy Biopower Limited (“RBP”) has entered into an Emission Reduction Purchase Agreement (“ERPA”) with Swiss based Vitol S.A. (“Vitol”), a member of the Vitol Group (www.vitol.com).
This agreement is for the sale by RBP to Vitol of Certified Emission Reductions (“CERs”) generated by Revonergy’s wood waste to energy project (“Project”) in Ondo State in Nigeria, West Africa. This Project is in the development stage and is projected to have a capacity of 14MW.
Renewable Energy is energy created from either renewable fuels or sources of energy that do not consume natural resources.
“We are very pleased to be able to enter into this agreement with Vitol”, said Ravi Daswani, CEO & President of Revonergy Inc. “Vitol is a world leader in CER trading and this agreement is a significant component in the development of our Ondo Project.”
“This agreement with Revonergy further demonstrates our commitment to building our carbon presence in Africa and globally, and we continue to seek quality opportunities and partners”, said Michael Curran, head of Vitol’s CO2 book based in Geneva.
About Revonergy Inc.
Revonergy Inc. is engaged in the acquisition, development and operation of renewable energy power plants globally. The Company is focused on renewable energy projects that have the potential to generate long-term stable cash flows and renewable energy credits. For more information see www.revonergy.com
About Vitol S.A.
Vitol is the world’s largest independent oil trading company. In 2009, the revenues are around $ 143 billion.
Vitol Carbon is one of the world’s leading players in the Carbon market. They are the offtaker of approximately 140m tones of contracted CER/ERU volume up to 2012, distributed across over 250 projects and have rights on many more tones post 2012. Vitol’s trading activity can contribute anywhere between 5%-15% of the EU ETS market, typically trading between 5 million and 15 million tones per week of futures and options market.
