Montreal, February 7, 2020 – The Inlandsis Fund, based in Quebec, and Keyrock Environment (Keyrock), based in Tennessee, have entered into a long-term agreement to develop a portfolio of mine methane abatement projects in the United States. Over ten projects will be developed on underground coal mines in Illinois, Pennsylvania, West Virginia, and Virginia. The mines have been emitting methane into the atmosphere since they were abandoned between 1997 and 2018. The projects will capture and destroy the methane emissions, thereby decreasing greenhouse gas emissions and generating California Carbon Offsets.
The Inlandsis Fund CEO David Moffat said, “Inlandsis is very pleased to support the largest portfolio of mine methane abatement projects developed in North America. Our fund has contributed to over two dozen methane reduction projects in multiple sectors and looks forward to further growth. We are proud of the substantial environmental benefit Inlandsis is creating.”
Ben Apple, President of Keyrock Environment, praised the collaborative efforts of the numerous coal companies, regulators, and operators involved with developing the portfolio. “It’s a win-win. We are creating jobs and reducing pollution in some of the most economically challenged areas of the U.S. and providing attractive financial returns to investors.”
The projects will operate under California’s cap-and-trade program and will be listed with the American Carbon Registry. The projects will utilize technologies developed by Environmental Commodities Corporation (ECC), a leading emission offset project developer. ECC and Inlandsis also partnered to expand the mine methane abatement project at CONSOL’s Bailey Mine.
About Keyrock Environment Keyrock Environment LLC, an affiliate of Keyrock Energy LLC, is a diversified energy company focused on the development of clean and alternative fuels that generate additional revenue through the production of environmental attributes. With a growing portfolio of mine methane projects in several U.S. states, Keyrock is one of the largest operators of mine methane projects in the world.
About Inlandsis The Inlandsis Fund was established by Fondaction, a $2.4 billion dollar labour-sponsored fund based in Montreal (QC), and Coop Carbone in 2017 with a shared commitment to harness markets to address climate change. Capitalized by Fondaction, Inlandsis is the only Canadian fund, and one of a handful globally, that exclusively finances carbon emission reductions. It offers a unique project finance solution that provides upfront capital in return for carbon credits – a critical innovation for making many carbon reduction projects a reality. The Fund is also entering clean fuels markets, initially focusing on California’s Low Carbon Fuel Standard program. Its growing portfolio includes 28 projects in the linked California & Quebec carbon market and the Alberta carbon market.
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SOURCE Inlandsis For further information: David Moffat, CEO, The Inlandsis Fund, 250-580-1317, dmoffat@inlandsisfund.com Ben Apple, President, Keyrock Environment, 303-525-5680, bapple@keyrockenergy.com
