The sale of the verified emission reductions (VERs), equivalent to 20,000 tonnes of CO2 emissions, was brokered by Spanish energy broker Wind 2 Market. The refurbishment project was undertaken by Edegel, Endesa’s subsidiary in Peru, pursuant to the company’s global policy of reducing emissions at its generation facilities.

The VERs represent the emission reductions generated by this project prior to registration as a Clean Development Mechanism (CDM), a flexibile mechanism included in the Kyoto Protocol to help developed countries and economies in transition to reach their emission reduction targets.

Endesa’s position in Latin America reportedly provides it with a unique opportunity to access a broad range of investments in renewable energy and energy efficiency projects suitable for United Nations-approved CDMs and parallel voluntary emission reduction markets.

Endesa said that it has built up a sizeable portfolio of CDM projects in the region and is looking to expand into voluntary markets.