The Government gave its approval to the Agreement on Joint Implementation of Pakri Wind Park between the Government of the Republic of Estonia and the Government of the Republic of Finland The objective of the project is to set up a wind park with the rated power of 2,5 MW at the Estonian northern coast, 50 km away of Tallinn in Paldiski, on the territory of former soviet coast guard schooling centre and near it. The project enables Finland to take part in the test program of pure development mechanism and joint implementation, which is necessary for fulfilling commitments taken with the Kyoto Protocol. Finland has to reduce greenhouse gas emissions by 8 % compared to year 1990 during 2008-2012. Since it is cheaper to reduce greenhouse gas emissions in Estonia, Finland agrees to finance the Pakri Wind Park project, getting in return greenhouse gas emissions lessened due to the engaging of the wind park. The developer of the Pakri Wind Park is AS Tuulepargid, which is owned by the Danish enterprise Global Green Project Energy ApS. The project`s development partner is Finnish environmental protection and energetics engineering services enterprise EMP Projects OY. The estimated investment costs are 23 million euros, which are funded in accordance with the principle of project financing. OÜ Pakri Wind Park has been founded for setting up and operating the Pakri Wind Park. The Wind Park becomes operational for producing green energy in the autumn of 2004 at the latest. Implementing the project reduces greenhouse gas emissions approximately 500 000 tons of CO2 equivalent in 2004-2012. The project`s equity capital investors Danish Global Green Energy ApS and other Danish and Estonian private investors cover 35% of the investments. The rest is financed with long-term loan from the Nordea Bank Estonia Branch. The project`s economic profitability is ensured by the expected revenue of 2004-2013 of the joint implementation programme (discount value is ca 2,4 million euros). 0,32 million euros will also accrue into the state budget for relaying promised emission units when the project is executed. For additional information please contact: |
