Business
Acquisition
Acquisition.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n Camco International Ltd\n03 December 2007\n\n\n Landfill methane acquisition in the USA\n\n\n\nThe Camco Group ('Camco'), a pioneering business in the sustainable energy and\nlow carbon markets, is pleased to announce the purchase of a greenhouse gas\nreduction project in Dallas, Texas, as a first investment for its planned asset\ninvestment vehicle.\n\nThe McCommas Bluff landfill ('McCommas') is one of the largest operating\nlandfills in the USA and receives a significant proportion of the municipal\nwaste from the Dallas metropolitan area, and is operated by the City of Dallas.\nThe existing gas processing operation converts waste methane recovered from the\nlandfill into pipeline quality gas for sale into the Texas gas market.\n\nCamco has acquired a 17-year lease to develop the site for the improved\ncollection and destruction of methane, the gas processing plant and associated\nequipment from William Snyder, Chapter 11 Trustee for McCommas LFG Processing\nPartners, LP and McCommas Landfill Partners, LP.\n\nThe McCommas project is intended to be the anchor asset for Camco's planned\nasset investment vehicle. Camco intends to transfer the McCommas asset into this\nvehicle whereupon it will be managed by a dedicated operations team based in\nNorth America.\n\nThe purchase price paid by Camco is USD11.25m (in cash) and will be followed by\nan improvement and expansion program (funded by the asset investment vehicle\nonce transferred) to ensure maximum capture of fugitive methane from the\nlandfill both now and into the future. The planned works will aim to maximize\nthe capture and destruction of methane gas - a potent greenhouse gas that is one\nof the most harmful contributors to global warming. Management believe that the\ndeal represents good value for shareholders, and demonstrates Camco's capacity\nto originate and develop carbon-based assets in new markets such as North\nAmerica.\n\nCamco will provide, on an ongoing basis, all qualification and carbon asset\nmanagement services to the McCommas project necessary to quantify and validate\nemission reduction credits expected to be generated by the planned improvement\nworks. This is likely to include the sale of Verified Emission Reductions (VERs)\nthat are expected to exceed 2-3 million tonnes CO2 equivalent over the next 7\nyears.\n\n\nCommenting on the project Jeff Ke...