Credit to Canada

’s

, which is developing a 66MW geothermal project in

, has announced plans to become a major supplier of Certified Emissions Reductions to the expanding carbon market.

‘Eighteen months from now, we’ll be producing 160,000 carbon credits on an annual basis. From the beginning of 2010 this will increase to 340,000 per year,’ said Polaris CEO Tom Ogryzlo, ahead of a trip to London this month. ‘We’ve made some initial sales to European and US buyers of 100,000 tonnes through December 31 this year. We are keen to meet other potential buyers.’

The sale of Certified Emissions Reductions, or carbon credits, provides Polaris with additional income over and above revenues from power sales. Polaris has a “take or pay” power purchase agreement to sell 66MW for 20 years to the Nicaraguan distribution subsidiaries of Union Fenosa, a large Spanish utility. In April 2006 Polaris became the first geothermal company to be registered to supply carbon credits by the UNFCCC.