Nitrogenművek nitrous oxide (N2O) reduction project  In 2004, Hungarian fertiliser manufacturer Nitrogenmuvek began planning a new nitric acid plant to replace its old plant in Pétfürdő in western Hungary. Vertis structured and negotiated a transaction with a private bank to acquire the ERUs from the project which reduced N2O emissions by over 2 million tonnes of CO2 equivalent. The project involved several complex areas such as technology selection, obtaining validation and letter of approval for a unique project type, as well as managing numerous rounds of parallel negotiations with several buyers on pricing, structure, terms and conditions. The project will ultimately raise between 12 and 20 million euros for the client, covering a substantial portion of the funding for the new nitric acid plant.
| Borsod Power Plant coal-to-biomass conversion  In early 2002, US energy group AES's power plant in Kazincbarcika was considering a pioneering fuel switch from coal-firing to biomass-firing. Vertis was contracted to execute a Joint Implementation transaction to raise money for the project. This was the first ever JI project in Hungary and each step we took meant breaking new ground, particularly in negotiation with the Ministry of Environment, which had never before issued approvals for Kyoto Protocol transactions. Ultimately AES sold the ERUs to the Dutch government raising over 3 million euros of funding or some 25% of the project cost, substantially cutting the need for equity in the project.
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