First spot sale of Camco's CE

RNS Number : 1114B

Camco International Ltd

12 August 2008

 



Camco International Limited

First spot sale of Camco's CERs, delivered 11th August 2008

12 August 2008

Camco International Limited ('Camco'), a leading climate change business, is pleased to announce the issuance of credits and subsequent completion of its first spot sale of 151,288 Certified Emission Reductions (CERs) from its 41.8m 'in specie' carbon credit portfolio. The credits were generated from the Yangquan Power project, winner of the Environmental Finance Carbon Transaction of the Year Award, 2007.

Jeff Kenna, Camco CEO, said

'We are delighted that this emission reduction project, developed by Camco under a carbon share contract, has created its first carbon revenues for the project owner and Camco. The value created is a result of over 4 years of project development activity, and the sales price achieved is in excess of that forecast at our IPO. It is one more significant milestone for the company, demonstrating that cash is being generated from our valuable carbon contracts.

The transaction is one part of our overall carbon sales strategy, which includes structured forward sales, forward sales and spot sales - delivering, hedging and maximising shareholder value. Camco has a 41.8m 'in specie' carbon credit portfolio, with an average purchase price of €7.5. This is our first spot sale of CERs from Camco in-specie credits.'

Camco's first delivery of spot sale CERs

On 25 July, 441,073 CERs were issued by the CDM Executive Board in respect of the Yangquan Power Project for the period 6 September 07 to 31 March 08.  

Camco's carbon share (equating to 151,288 CERs) has subsequently been sold creating net cash value to Camco of over €1.75m.

The CERs were transferred (and deemed delivered) to the end buyer direct from the project pending account in the CDM registry on 11 August 2008. The transfer did not need to utilise the ITL-CITL link (which is delayed until later this year) in order for physical delivery to be completed and payment secured. The ITL and CITL are electronic accounting systems that will enable CERs to be transferred into the EU-ETS.

Enquiries:

The Camco Group	[phone]
Jeff Kenna, Chief Executive Officer
Scott McGregor, Chief Financial Officer
KBC Peel Hunt Ltd (Nominated Adviser and Broker)	[phone]
Jonathan Marren
David Anderson
Gavin Anderson	[phone]
Ken Cronin
Kate Hill
Daniela Stawinoga

Notes to editors:

The Camco Group is a leading climate change business in the growing carbon and sustainable energy markets. We offer a full range of carbon-related services to public and private organisations worldwide. The Group has a 20-year track record and manages one of the world's largest carbon credit portfolios.

The Group consists of three business segments:

The Camco carbon assets business is a leading project developer with one of the world's largest carbon credit portfolios. We partner with companies to identify, develop and manage projects that reduce greenhouse gas emissions, and then arrange the sale and delivery of carbon credits to international compliance buyers and into the voluntary market.

The consulting practice consists of Bradshaw, ECCM, ESD and ESD Sinosphere. It combines specialist technical, strategic and financial expertise and experience accrued over two decades to deliver a sustainable low carbon society. We are positioned to work with our clients to turn climate change liabilities into economic, social and environmental assets. 

Camco Ventures works with project and technology developers, early stage businesses and investor Groups to commercialise climate change mitigation technologies, projects and services. Part of this business is the Camco asset management vehicle.

 

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