Level 1 0 , 4 74 F l i nder s S t r e e t , Me lbour ne, V i c t o r i a 3 000, A ust r a l ia 
Telephone: (61 3) 9620 4400 Facsimile: (61 3) 9620 4433 Email: enquiries@pacifichydro.com.au 
WORLD FIRST: PACIFIC HYDRO NEGOTIATES BANKINTERMEDIATED 
CARBON CREDIT CONTRACT 
Pacific Hydro (ASX:PHY), through its Fijian joint venture Sustainable Energy Limited (SEL), has 
negotiated the world’s first bankintermediated 
carbon credit transaction involving the sale of Certified 
Emission Reduction (CER) credits to be created under the Kyoto Protocol. 
Under the terms of the sale, SEL will sell all of the CERs created by its two hydroelectric power projects 
in Fiji. Based on current production estimates SEL will be entitled to create 25,000 tonnes per annum of 
CERs. These CERs will be sold to ABN AMRO (London) over the next seven years. ABN AMRO has in 
turn contracted to sell all these CERs to Accord Energy Limited, the trading arm of FTSE 100 energy and 
home services provider, Centrica plc, parent company of the UK’s largest residential energy supplier, 
British Gas. 
The two power projects owned by SEL that will generate the CERs are the operating 6.5 MW 
Wainikasou hydro plant, and the soon to be completed 3 MW Vaturu hydro project. SEL is jointly owned 
by Pacific Hydro and the state owned Fiji Electricity Authority. 
Under the Kyoto Protocol, carbon trading is permitted to enable industries in developed countries to offset 
their emissions of carbon dioxide by investing in alternative and cleaner energy projects, referred to 
as Clean Development Mechanism (CDM) Projects, in developing countries. SEL is in the final stage of 
CDM registration for its two hydroelectric power projects which is a condition of the sale of the CERs. 
Pacific Hydro’s Managing Director Jeff Harding said the contract was significant, as it demonstrated 
Kyoto policies in action. 
“We have seen carbon credits trading on the European market since January this year, but this 
transaction means that initiatives developed through the Kyoto Protocol are now a business reality. 
Kyoto initiatives that were proposals and theories are now commercial opportunities and economic 
realities,” Mr Harding said. 
Pacific Hydro has over 800 MW of hydroelectric development projects in Chile and Fiji which are 
expected to qualify as CDM projects. 
(more) 
A SX /MED I A R E LE AS E 6 JUN E 2 0 0 5 
A.B.N. 31 057 279 508

Level 1 0 , 4 74 F l i nder s S t r e e t , Me lbour ne, V i c t o r i a 3 000, A ust r a l ia 
Telephone: (61 3) 9620 4400 Facsimile: (61 3) 9620 4433 Email: enquiries@pacifichydro.com.au 
The burgeoning carbon credit market has seen the yearly volume of transactions grow strongly since 
2001, from nearly 13 million tonnes to more than 100 million tonnes of CO2 equivalent by the end of 
2004. 
ABN AMRO estimates that the total value of the carbon market in Europe alone will be €45 billion by 
2012, including both market turnover in the EU Emissions Trading Scheme and the Kyoto Protocol 
“flexible mechanisms”. 
(ENDS) 
For more information: 
Investors Media 
Andrew Gould 
General Manager, Strategy and Corporate Affairs 
Ph: (03) 96156410 
Mob: 0400 133 744 
agould@pacifichydro.com.au 
Clare Laffan 
Manager, Corporate Affairs 
Ph: 03 9615 6440 
Mob: 0400 912 012 
claffan@pacifichydro.com.au 
About Pacific Hydro Limited 
Pacific Hydro Limited is Australia’s leading renewable energy company, generating electricity produced from nonpolluting, 
wind and water. The Company’s business decisionmaking 
is guided by economic, social and 
environmental considerations that have delivered sustained profit growth, the avoidance of greenhouse gas 
emissions, and significant benefits to the communities in which it operates. 
Pacific Hydro is listed on the Australian Stock Exchange (ASX Code: PHY) and is an S&P/ASX200 company with 
approximately 14,000 predominantly Australian shareholders. Pacific Hydro has approximately 230 MW of 
operating assets, which includes Australian hydro operations (41.9 MW); international hydro operations (114.7 
MW); and Australian wind energy projects (70.7 MW). 
Further information available at www.pacifichydro.com.au 
About ABN AMRO 
Netherlandsbased 
ABN AMRO is a leading international bank with total assets of EUR 742.9 bln (as at 31 March 
2005). It has over 3,000 branches in more than 60 countries and territories, and has a staff of about 97,000 fulltime 
equivalents worldwide. ABN AMRO is listed on the Euronext and New York stock exchanges. 
ABN AMRO operates through three Strategic Business Units, each responsible for managing a distinct client 
segment. Wholesale Clients provides integrated corporate and investment banking services to corporate, 
institutional and public sector clients worldwide. Consumer & Commercial Clients focuses on retail and SME clients 
in three home markets – the Netherlands, the US Midwest and Brazil and in a number of selected growth markets. 
Private Clients & Asset Management provides private banking services to wealthy clients and investment products 
to financial intermediaries and institutional clients. 
More information can be found at www.abnamro.com or on Wholesale Clients at www.wholesale.abnamro.com