Business
First spot sale of Camco's CE
First spot sale of Camco's CE.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n RNS Number : 1114B Camco International Ltd 12 August 2008 \n \n\nCamco International Limited\n\nFirst spot sale of Camco's CERs, delivered 11th August 2008\n\n\n\n12 August 2008\n\nCamco 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.\n\nJeff Kenna, Camco CEO, said\n\n'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.\n\nThe 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.'\n\nCamco's first delivery of spot sale CERs\n\nOn 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. \n\nCamco's carbon share (equating to 151,288 CERs) has subsequently been sold creating net cash value to Camco of over €1.75m.\n\nThe 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 trans...