SN Power announces two CDM registered projects in the Philippines.

20-6-2011

Oslo, 20 June, 2011 – SN Power announced today that two more of their hydropower plants has been registered as Clean Development Mechanism (CDM) projects by the United Nations Framework Convention on Climate Change (UNFCCC).

Ambuklao and Binga hydropower plants are both located in the Philippines and the two projects will together produce an average of 180.000 CERs/year, equivalent to the CO2 produced by 80,000 automobiles.

Ambuklao and Binga hydropower plant are operated in the Philippines by SN Aboitiz Power, a 50/50 joint venture company between SN Power and Philippine company Aboitiz Power. This is SN Power’s sixth and seventh hydropower plant registered with the United Nations Framework Convention on Climate Change (UNFCCC). SN Power already has the hydropower plants La Higuera and La Confluencia (Chile), Allain Duhangan (India), Cheves (Peru), and Totoral Wind Farm (Chile) registered with the UNFCCC.

In 2009, SN Power was able to successfully amend the existing CDM Methodology for renewable energy (ACM0002) to also include upgrade/retrofit projects. The Ambuklao and Binga projects are among the first upgrades of existing hydropower plants which has received CDM registration using the amended methodology.

“We are very pleased with the CDM registration of Ambuklao and Binga and these registrations recognizes our effort in the reduction of greenhouse gases and positions SN Power as a clean, sustainable and renewable energy company”, said Elsbeth Tronstad, Executive Vice President, CSR and Communication.

About SN Power
SN Power is a hydropower development company, operating exclusively in emerging markets. The company is a joint venture between Statkraft and Norfund and has projects and operations in Asia, Latin America and Africa. SN Power is working to develop a portfolio in the range of 3000 MW of hydropower plants by 2015, while combating climate change and contributing to sustainable development. SN Power has over 5.000 people employed in twelve countries around the globe. Its headquarters are in Oslo, Norway. As of December 2010, SN Power reported US$1.7 billion in total assets and US$1.3 billion in equity on a consolidated basis.

Media Contacts:

Elsbeth Tronstad, Executive Vice President Communications and CSR; 
Mobile: +47 90 58 23 83 /  Elsbeth.tronstad@snpower.no

Stefan Okstveit, Communications Director;
Mobile: +47 97 57 82 99/ stefan.okstveit@snpower.com