In March 2004, ICECAP launched one of the world’s first private sector aggregators, the ICECAP Carbon Portfolio, which raised commitments to source and manage a portfolio of 15m tonnes of carbon credits on behalf of its three participants: Enel Trade SpA, the principal trading subsidiary of Enel SpA, the leading Italian utility; the Public Power Corporation S.A. of Greece; and the Marubeni Corporation of Japan. ICECAP Carbon Portfolio fulfilled its commitments to its participants ahead of schedule and in an economically prudent way. The performance of the contracted projects was proactively managed and the corporate structure of the vehicle was flexible enough to result in a commercially sound outcome for participants despite significant changes in the underlying market.
In parallel, ICECAP developed a successful global trading business with over Euro 500 million under management; with an operational profile of:
- Signed ERPAs equivalent to 40 million tonnes of CO2 mitigated
- Across over 60 CDM projects originated: in China, India, Peru, and South Africa
- Methodologies and technologies including: Landfill Gas , Coal Mine Methane, HFC, Hydro, Wind, Waste Heat Recovery, Fuel Switching
- ICECAP counterparties include: Investec, Enel, PPC, Marubeni, JFE Steel, KEPCO, Ineos, Vitol, Nuon, Noble, HVB Bank, JP Morgan, Fortis, Barcap, Shell and Dresdner.
Since inception, ICECAP has been at the forefront of the carbon market and remains a pioneer in structuring and transacting complex financial deals to maximise returns to shareholders and interested parties.
The post Kyoto Protocol era of emission markets is characterised by uncertainty in both the economic landscape but also by the patchwork legislative implementation of regional emission markets. Despite this, ICECAP is keeping a watching brief on global markets and maintaining a presence to enable us to capitalize on market developments as they mature.
ICECAP currently has transacted in the post 2012 carbon market in China and Africa. The Chinese deal involves contracting with a large scale coal mine methane project with significant project deliveries out to 2020. Our African project is detailed on a separate page (3 Rocks link) and involves ICECAP developing a cookstove carbon project (Programme of Activities) in its own right in a Least Developed Country (LDC) in Africa.
We are actively pursuing opportunities in the emerging carbon markets of California, Canada and Australia.