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GRD transfers 1st emission reduction units from Eastern Creek

GRD Limited announced today that it has transferred the first Greenhouse Friendly emission reduction units in accordance with its forward sales agreement with BP Australia.
10,306 ERUs from the 2004 vintage have been transferred and the 2005 vintage credits are in the verification process.
1,500,000 tonnes of the emission reduction units from the Eastern Creek UR-3R Facility, representing the first five years of production, have been forward purchased by BP Australia Ltd and Mitsui & Co (Australia) Limited.

This follows the sale of the first Renewable Energy Certificates (RECs) from the facility in March 2006.

The Eastern Creek UR-3R Facility, which successfully completed independently verified financial and technical bank completion tests last month, is processing 175,000 tonnes of municipal solid waste per annum.

Cliff Lawrenson, chief executive officer, said that the transfer of the ERUs was another significant milestone for the Eastern Creek UR-3R Facility.

"We are working to enhance equity returns from the facility as a matter of priority, having now achieved bank completion."

"Our focus is on maximising each of our revenue streams in order to outperform our budgeted $5.3 million EBITDA and delivering a better than break even EBT result for 2006," he said.

Emission Reduction Units have been forward purchased by Mitsui & Co (Australia) Limited and BP Australia Ltd.

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