Windows Server Essentials 2012 R2 Azure Backup - Specified Certificate is not associated with any backup vaults

I am running Windows 2012 R2 with Essentials and trying to register server with Backup Vault. Register wizard fails with error "Specified Certificate is not associated with any backup vaults". I have tried the following suggestions from forums already and hasn't helped.

https://social.technet.microsoft.com/Forums/en-US/47375555-d97e-4119-951a-c9282ba615f4/cant-find-a-valid-certificate-on-the-server-to-upload-to-azure-backup-vault?forum=winserveressentials

https://social.technet.microsoft.com/Forums/en-US/830db95f-5da0-4118-b064-421594dc98b8/windows-server-2012-r2-essentials-windows-azure-backup?forum=winserveressentials

What can I do to fix the issue?

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