GA Group Appointed Manager For EITG China Biomass Market
GA Group Appointed Lead Manager For EITG China Biomass
Kuala Lumpur, Malaysia, 4
April 2011: GA GROUP - the global financial
services organisation held by GA GROUP (ASIA) Limited in the Isle of Man -has been appointed lead manager to China's Shenzhen based Hanyuan Green Energy Co. for a major capital raising for a China-based biomass energy enterprise venture, in collaboration with New Zealand's Environmental Intermediaries & Trading Group Ltd (EITG)
With the aim of raising USD$30-100 million, GA GROUP will be responsible for exploring all market options - whether public or private - for raising the target capital and EITG will manage the associated carbon credit business surrounding the venture with the subsequent value integrated into the deal. EITG has commenced the steps necessary to register the project under the Clean Development Mechanism of the United Nations Kyoto Protocol, selling the resulting Certified Emissions Reductions to its European Clients.
"This is an incredibly dynamic project for GA GROUP and is a total vote of confidence in New Zealand's ability to lead the global pathway in the challenging field of renewable energy and UN compliant carbon credits," said Tim Munro-Keene, Executive Chair, GA GROUP.
"We set a mandate at launch that we would actively pursue socially responsible finance for climate change as part of our business ethos and strategy. It is rewarding to partner with fellow New Zealanders, EITG, to guide this innovative project to market and pave the way for new models of renewable energy financial services across the Asia Pacific." Based in China's Shandong Province, the biomass energy venture is a scalable project designed to utilise waste agriculture biomass to produce electricity from five newly constructed 50 megawatt power stations. Socially responsible, the fuel is purchased from local farmers contributing to the local economy and removes the otherwise discarded material from the waste chain.
been identifying and building robust responses to the
changing global climate change initiatives - both from the United Nations and in the voluntary markets - over the last two decades.
"We are delighted to extend our global carbon related business through our collaboration with GA GROUP on this project," said Richard Hayes, Director, EITG.
"We expect that our end-to-end
solutions for the creation and use of
trade-able carbon certificates by our international consortium of experts across Asia Pacific, Europe, South Africa and the USA, will allow further financially innovative renewable energy initiatives to be developed by EITG and GA GROUP.'
This is the first announcement of a major appointment,
after GA GROUP
recently acquired 100 percent of the New Zealand-based private investment company GA Group Limited as part of a focused phase of international expansion.