Camco Clean Energy announces JV with MW1

RNS Number : 1504R

Camco Clean Energy PLC

15 November 2012

 



Camco Clean Energy plc

Camco Clean Energy announces JV with MW1 to develop clean energy projects in Africa

London, UK; Durban, South Africa - 15, November, 2012 - Camco Clean Energy plc announces today that it has formed a joint venture (JV) with its South African partner, MW1, a domestic renewable energy company to develop renewable energy projects. Initially the JV will focus on solar photovoltaic (PV) projects in South Africa with plans to extend this into other technologies and countries in the region thereafter.

The partners are now moving forward with the next steps in contract negotiations for utility-scale PV plants starting at 5MW capacity for private and commercial customer as a South African Renewable Energy Independent Power Producer (REIPP).

Camco Clean Energy CEO, Scott McGregor, commented, "Africa suffers from a pronounced lack of access to electricity and poor quality of grid supply, both in terms of cost and in terms of reliability. Not surprisingly, distributed renewable energy is a key element of regional strategies for increasing energy access, improving energy security and as a consequence economic development. Southern Africa represents significant opportunities for us given recent policy development and our 20+ year expertise in clean energy generation in Africa. The highly qualified team, detailed knowledge of the local solar PV industry and technical project development expertise make MW1 a logical partner for us.  Together we will open new opportunities in this dynamic and vibrant market first in South Africa and then in the rest of sub-Saharan Africa."

Yegis Reddy, Managing Director of MW1, said,"We are pleased to work with Camco Clean Energy in delivering utility scale projects in Africa. By working together we will be providing the best of both worlds. Camco Clean Energy contributes its leading expertise in independent renewable energy production and structuring project financing. MW1 provides strong project selection and development together with our deep knowledge of the African market. The JV allows us to offer our clients a comprehensive service for all aspects of renewable energy projects."

Enquiries:

Camco Clean Energy plc	[phone]
www.camcocleanenergy.com
Scott McGregor, Chief Executive Officer
Jonathan Marren, Chief Financial Officer
Megawatt1	[phone]
Yegis Reddy, Managing Director
N+1 Singer (Nominated Adviser and Broker)	[phone]
James Maxwell
Kreab Gavin Anderson (Investor Relations)	[phone]
Ken Cronin
Citigate Dewe Rogerson (PR Advisor)	[phone]
Chris Gardner / Malcolm Robertson

Notes to the editor

About Camco Clean Energy

Camco Clean Energy plc  (AIM: CCE) is an experienced project developer working to develop, construct and operate projects that contribute to building a sustainable future.

With more than 20 years of successful project delivery we help clients in Asia, North America, Africa and Europe to implement clean energy and emission reduction solutions, reducing costs and maximising financial and environmental benefits. We have an outstanding track record in technical delivery and commercial expertise, working with local industry, multinational companies, governments and regulatory bodies.

Camco Clean Energy has created one of the largest emission reductions portfolios and has structured ground breaking and innovative arrangements for the sale and delivery of emission reductions to compliance and voluntary buyers.

About MW1

Megawatt 1 (MW1) is a South African renewable energy company with a primary focus on developing photovoltaic projects, using its highly qualified team of local and international experts.

About the REIPPP in South Africa

South Africa has a high level of renewable energy potential and presently has in place a target of 10,000 GWh of renewable energy. The Department of Energy in South Africa has determined that 3,725 megawatts (MW) to be generated from renewable energy sources is required to ensure the continued uninterrupted supply of electricity. This 3,725 MW is broadly in accordance with the capacity allocated to Renewable Energy generation in IRP 2010-2030.

This RE IPP Procurement Programme has been designed so as to contribute towards the target of 3,725 megawatts and towards socio-economic and environmentally sustainable growth, and to start and stimulate the renewable industry in South Africa.

 

 

END

 

 

NRAGGGCGGUPPGQC