UPDATE 1-Trading Emissions to buy Econergy for 27 mln stg

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LONDON, May 15 (Reuters) - Trading Emissions Plc (TREM.L: Quote, Profile, Research) said on Thursday it was to buy Econergy International Plc (ECG.L: Quote, Profile, Research) for an agreed 27 million pounds ($52.5 million) in shares, to develop clean energy projects in Latin America.

Trading Emissions said in a statement it would pay 0.233 new Trading Emissions share for each Econergy share.

"In the current economic environment, Trading Emissions' proposal delivers the most certain outcome for (Econergy) and its stakeholders," Econergy CEO Tom Stoner said in a statement.

U.S.-based Econergy operates a hydroelectric dam in Bolivia and has a further five projects under construction in the United States, Brazil and Costa Rica.

Only the Costa Rican wind farm has been submitted for UN-approval under the Kyoto Protocol's Clean Development Mechanism, an Econergy director said..

Through its project portfolio, Econergy expects to generate some 700,000 tonnes of carbon emissions reductions by 2012. (Reporting by Dan Lalor and Michael Szabo; Editing by James Jukwey)