This move will help the power project generate an additional revenue of Rs 200-300 crore every year.
The job of the firm will be to register the project under the Clean Development Mechanism, which encourages environment-friendly technologies, with the United Nations Framework Convention on Climate Change (UNFCC), validate the project and get various clearances from the Indian government and the environment and forests ministry.
Sources said Ernst & Young expected to complete the process within six months.
Carbon credits are given to encourage industries in the developing world to switch to cleaner technologies and reduce energy consumption. This will help reduce harmful gas emissions.
When each tonne of carbon dioxide emission is avoided, the firm will get a carbon emission certificate, which it can sell through a futures market according to the guidelines of UNFCC.
Sources said, according to initial estimates, Sasan UMPP is expected to yield significant Certified Emission Reductions in the 10-year project registration period.
Sources said E&Y was also engaged in advisory services for the Mundra UMPP promoted by Tata Power, projects of Andhra Pradesh Power Generation Corporation (APGENCO) and Adani Power.
The Sasan UMPP is among the first of the eitght to nine UMPPs planned in the country and is scheduled to be fully commissioned within a few years with 6X660 mw with an expenditure of over Rs 18,000 crore (Rs 180 billion).