Philipsburg – October 13th, 2015 – Carbon Mercantile Exchange (CMX) has commenced the development of a thirty (30) megawatt (mW) solar facility in St. Maarten. The entire project will see the construction of six facilities with a nameplate capacity of 5mWs each. The project consists of 120,000 PV modules, 1000 inverters and will create over 200 domestic jobs.
“It’s a big step, not only in respect to the power purchase agreement but in the future development of additional resorts and hotels,” stated Trevor Ducharme, President of CMX. “Additional to the clean energy being generated the project will also produce valuable carbon offsets (credits), which are in demand. We’re extremely excited to be involved in a project of this size and credibility and are looking to use this same model on multiple other island’s in the Caribbean.”
The solar project is privately financed by a series of international infrastructure funds hoping to reduce the island’s carbon footprint and lower the cost of electricity. The project will allow savings of an estimated US$220 million in imported fossil fuels and entice future developments.
“The timing is ideal and the opportunity was well received by our global partners. Our clients needed an international solution to adjusting their business to combat climate change and we were very pleased with the response. More and more corporations are investing in commercial opportunities like this in the Caribbean to lower their corporate carbon footprint,” stated Ducharme. “From here all of the attention is focused on the United Nations Climate Change Conference and what regulations will be implemented on emissions and carbon pricing.”
The United Nations Climate Change Conference will be held in Paris, France from November 30th to December 11th. This will be the 21st yearly session of the Conference of the Parties (COP 21) to the 1992 United Nations Framework Convention on Climate Change (UNFCCC) and the 11th session of the Meeting of the Parties (CMP 11) to the 1997 Kyoto Protocol. The conference objective is to achieve a legally binding and universal agreement on climate and establish a price on carbon.
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