28 September 2010: The European Bank for Reconstruction and Development (EBRD)- European Investment Bank (EIB) Multilateral Carbon Credit Fund (MCCF) has agreed to buy carbon credits from a group of ten small hydropower plants in Armenia, bundled into a single project under the Clean Development Mechanism (CDM) framework.

Out of the ten mini-hydropower stations participating in the transaction, seven are run-of-river plants and three plants are constructed on artificial water flows, each with electric capacity below 3.6 megawatts. The plants are bundled into a single project under the CDM framework in order to enable them to benefit from the international emission trading market and reduce transaction and documentation costs.

The project contributes to global climate change abatement efforts, by offsetting more carbon-intensive electricity production from the Armenian electric grid. The MCCF, launched in December 2006, is one of the few carbon funds dedicated specifically to countries from Central Europe to Central Asia. [EIB Press Release]