Business
Climate Leaders Joint Venture
Climate Leaders Joint Venture.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n Camco International Ltd\n13 July 2007\n\n\n13th July 2007\n\n\n Camco International and Tudor Investment Corporation to Launch Global Climate\n Change Equity Joint Venture\n\n\nCamco International ('Camco') and Tudor Investment Corporation ('Tudor') today\nannounce that they have entered into a letter of intent to launch the Climate\nLeaders' Joint Venture (the 'Joint Venture'), an equity investment joint venture\nto finance projects that reduce greenhouse gas emissions and generate emissions\ncredits. The partners expect to complete negotiations and reach formal closing\nof this Joint Venture in the near future.\n\nSplit between offices in London and New York, and with linkages to Camco and ESD\noffices worldwide, the Joint Venture will be led by a dedicated team comprising\nleading low carbon professionals with expertise in project development and\nfinance, with proven capability in clean energy development, investment and\nfinance.\n\nThe Joint Venture will be run by an entity established by Camco, Tudor and Gaian\nCapital ('Gaian'), funded with $10m operating capital ($6.5m provided by Tudor\nand $3.5m by Camco, taking into account the operational involvements of the\nparties). Camco will own initially 60% of the Joint Venture. The Joint Venture's\ninitial focus will be on projects in North America with planned expansion into\nselected developed and developing countries over time. Tudor has committed an\ninitial investment of USD $100 million to the Joint Venture.\n\n\nCommenting on the letter of intent to launch the Joint Venture, Jeff Kenna, CEO\nof Camco International, said:\n\n'Business has woken up to the urgent need to take action, and capital is\nmobilizing. By expanding into equity finance, the Climate Leaders Joint Venture\nwill provide a source of equity funding for emissions reducing projects in which\nour client partners are engaged. Partnering with Tudor gives the Joint Venture\nthe initial capital it needs to launch and the support and credibility of one of\nthe world's most respected professional investment firms. We plan to work\ntogether to make the Joint Venture a substantial business in its own right.'\n\n\nThe Joint Venture is sponsored by the Camco Group, world leaders in this field\nwith over 200 professionals in 11 countries. The Group's expertise spans policy,\nregulation, energy technology, low ca...