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MCCF Carbon Managers appoint Fortis as service provider for Fund
The Carbon Managers of the Multilateral Carbon Credit Fund (MCCF) have appointed Fortis Intertrust Netherlands as service provider for the fund. Fortis Intertrust is responsible for the structuring, trust management and administration of the special purpose vehicle created (Carbon Purchase Intermediary - CPI). The MCCF is sponsored by the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
The MCCF, launched in December 2006, is one of the few carbon funds dedicated specifically to countries from Central Europe to Central Asia. It consists of the Project Carbon Fund, and the Green Carbon Fund. The Project Carbon Fund has commitments of €150 million from six countries and six companies. The Green Carbon Fund is dedicated to Green Investment Schemes (GIS) and currently has commitments totalling €40 million.
The MCCF was developed from the outset using an intermediate structure involving three independent, private sector companies (the "Carbon Managers"). These Carbon Managers originate, negotiate and monitor transactions for the acquisition of carbon credits from the sellers (Project Companies). The three Carbon Managers are GreenStream Network (Finland), ICF Consulting Ltd (UK) and Royal Haskoning (The Netherlands). The acquisition of those carbon credits is contracted through the CPI, under back-to back contracting arrangements between the Project Company, the CPI and Participants (with or without the intermediation of EBRD, depending on whether or not the Participant is a Sovereign).
Fortis Intertrust, a wholly-owned subsidiary of Fortis, is the world‘s premium quality provider of trust and corporate management services and has been a frontrunner in the emerging carbon markets, having a strong environmental team in place.
GreenStream Network is a leading Northern European actor in the carbon emission reduction and renewable energy markets. GreenStream develops and manages investment vehicles and provides advisory and intermediary services based on its in-depth knowledge in these markets.
ICF Consulting Ltd, an ICF International company, partners with public- and private-sector clients to deliver consulting services and solutions in the fields of climate change, energy and power markets, and the environment.
Royal Haskoning is a multidisciplinary firm that operates internationally. Consultants, architects and engineers advise on environment, industrial installations, water, spatial development, infrastructure & transport, architecture & building, building services, project management, coast & rivers, harbours and maritime projects.
The European Investment Bank (EIB) is the European Union’s long-term lending bank, promoting European objectives. Established in 1957, it operates within the 27 EU Members States and in more than 130 countries outside the EU. One of the EIB’s priority objectives is the protection and improvement of the environment, which accounted for 38% of its loans within the EU-27 in 2007.
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