Renewable energy firm Hanergy is seeking crowdfunding via the internet to pay for a rural biogas project in Hubei province that it expects can generate CCERs for the Chinese carbon market.

Hanergy Carbon Asset Management has turned to Chinese crowdfunding website huoyangao.cn to raise funds for the project that would install biogas-fuelled cookstoves in 11,740 households in Hong’an county in Hubei.

The project is estimated to cut emissions by 33,000 tonnes of CO2e per year, possibly over 20 years, for which it would earn carbon credits if the project is approved by the NDRC.

“The project will help the local farmers earn 3 million yuan by trading the credits in the Hubei market,” the Hubei carbon exchange said in a press release.

So far, Hanergy has raised 200,000 yuan ($32,000) for the project.

Two investors have paid 35,000 yuan each, which earns them 5,000 CCERs from the project. Another eleven have paid 10,000 yuan each for the rights to batches of 1,000 offsets.

The current market price for such CCERs is around 20 yuan each.

Investors who contribute 100 yuan each will receive Hong’an county souvenirs and tickets in the local lottery, where the prize is a guided tour through the county’s proud revolutionary war history, according to the website. A 10 yuan donation would buy a certificate of honour, it added.

The money will be spent to cover travel expenses to perform project evaluation as well as third-party auditors, it said.

Another Hanergy subsidiary, Hanergy Thin Film Power Group, is currently under investigation by the Hong Kong stock exchange for market manipulation after a major drop in share prices in May, and trade in its shares has been suspended.

By Stian Reklev – stian@carbon-pulse.com

Not yet signed up to CP Daily? Subscribe to our free newsletter here