Business
Carbon Credit Portfolio Sale
Carbon Credit Portfolio Sale.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n RNS Number : 1532C Camco International Ltd 28 August 2008 \n \nCamco International Limited\n\nCarbon Credit Portfolio Sale\n\n28 August 2008\n\n\nCamco International Limited ('Camco'), a leading climate change business, is delighted to announce the successful auction of a portfolio of 5.8 million certified emission reductions (CERs) from 9 specific projects.\n\nThe auction was approximately four times over subscribed demonstrating both the depth of the CER market and the high demand for Camco's quality projects. Camco was able to enhance the price per CER by developing an innovative and proprietary structure. \n\nThe portfolio was placed with leading international compliance buyers. Under the deal CERs will be delivered to the buyers on a non guaranteed basis at a fixed price per CER. As part of the structure Camco will receive an upfront, non-recourse cash payment with respect to CER generation of €15 million. The combined price per CER achieved from the upfront and the fixed delivery price is higher than forecast at the time of the company's admission to AIM in April 2006. \n\nCamco's demonstrated structuring and sales capability gives buyers the ability to diversify their exposure, whilst ensuring maximum value for Camco's project partners. The portfolio is representative of Camco's total portfolio with 55% of projects registered and 45% already commissioned. \n\nAs a result of the success of this first transaction Camco plans to place a second smaller portfolio to a group of preferred buyers.\n \nScott McGregor, Camco CFO, said\n\n'We are delighted by the overwhelming response and the premium value we have created for our shareholders. I would like to pay tribute to our internal team for the innovative way this transaction was structured and to Standard Bank's strong team and professional approach marketing the portfolio.'\n\nGeoff Sinclair, Standard Bank Head of Emissions, said,\n\n'We have been very pleased to...