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AirCarbon Exchange
C-Quest Capital

01 to 02 November, 2022

AirCarbon Exchange (ACX) and C-Quest Capital will be hosting an auction on the first issuance of the Efficient lighting project - LED distribution in India Project.

Details and specifications relating to the carbon credits auction process are set out below.


  • Singapore: 1st November 2022 10AM to 2nd November 2022 10PM


  • Product: Verra Verified Carbon Units (VCUs)

  • Project: Efficient lighting project - LED distribution in India

  • Project ID: VCS 2657

  • Standard: Verified Carbon Standard

  • Vintage: 2021 and/or 2022

  • Quantity: 300,000 VCUs

  • Expected Issuance Date: Q1 2023


C-Quest Capital’s LED distribution program, Project Shine, provides low-income rural communities access to affordable and sustainable modern energy. Switching to LEDs improves the living and working conditions of millions of people in rural India and generates significant carbon emission reductions. Distribution at scale results in a meaningful reduction in electricity demand, translating to lower GHG emissions from thermal power plants. The program provides important sustainable development impact across climate, social, health and economic empowerment, meeting 7 UN Sustainable Development Goals.


The project targets rural areas of India, where many low-income consumers cannot afford LEDs, even at subsidized rates. The LEDs are long life, lasting up to 10 years, replacing the need for 10-20 inefficient bulbs. Both 7-watt and 12-watt LED bulbs are deployed, typically replacing 60-watt and 100-watt incandescent bulbs, respectively. This produces a combined savings of 0.18 MWh per year over the life of the project, avoiding 1.64 tonnes of C02e.

Each household is assigned a unique ID to prevent double counting and cloud data management to track utilization. The LEDs have a warranty of up to 3 years, and an 1800 customer support number ensures any faulty products can be easily replaced. The LEDs are provided through distribution centres where inefficient light bulbs can be exchanged and recycled.



  • Bid Volume:

    • Minimum: 25,000 VCUs

    • Maximum: 100,000 VCUs

    • Bid Volume Multiple: 25,000 VCUs

  • Bid Process:

  1. Each Bidder can only submit one bid, but prior to the close of the Auction the Bidder can cancel their bid and submit a new bid.

  2. All bids are sealed, save that the bidding screen will display the current (i) highest bid price, and (ii) total bid volume.

  3. All successful Bidders will be notified via email.

  • Allocation Mechanism:

  1. At Auction close, all bids will be ranked (i) in descending order based on price, (ii) for the same
    price, in descending order based on quantity, and (iii) for the same price and quantity, on a time priority basis.

  2. Allocation will be made to the first-ranked Bidder first, allocating them their bid volume, then the second-ranked Bidder and so forth until the full Auction volume is fully allocated or all bids have been filled.

  3. All successful Bidders will pay a settlement price equal to the lowest successful bid price.

  4. There may be a partial allocation of bid volume for the lowest successful bid.

  • Settlement Mechanism:

  1. The Auction Intermediary will act as intermediary for the sale of the Auction Credits or of AirCarbon Tokens (XCT tokens) representing such Auction Credits (as the case may be) to the successful Bidders under the Auction.​

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