Further US Carbon Credit Portfolio Sale

RNS Number : 8711O

Camco Clean Energy PLC

02 June 2015

 

2 June 2015

Camco Clean Energy plc

("Camco" or "the Company")

Further US Carbon Credit Portfolio Sale and review of other US activities

Camco Clean Energy plc (AIM:CCE), the clean energy and energy storage company is pleased to announce a further structured transaction ("Further Transaction") to assign its rights to the remaining stream of California Carbon Offsets ("CCOs") generated between 2015 and 2020 from the Agricultural Methane projects that it manages on behalf of its dairy partners which had not been included in the first structured transaction announced on 28 May 2015 ("First Transaction"). Both transactions were concluded with a major multinational corporation.

This further transaction involves the receipt of an initial cash payment of $0.3m and deferred conditional payments of up to $0.4 million by 31 December 2015.  Together with the First Transaction, Camco has received a total initial cash payment of $2.0m and can receive deferred and conditional payments of up to a total $0.9 million by 31 December 2015.

In addition to the above amounts, Camco will also receive up to a further $1.0 million over the period to 2020 dependent on the delivery of CCOs from a limited number of projects.  Camco will retain its rights to credits generated after 2020 from all the projects included in this portfolio transaction.

Following the conclusion of the above transactions, and as indicated in our 2014 Results, the Board has taken the decision to explore strategic alternatives for whether additional value can also be realised from the other US business activities. This would provide additional resource to enable further investment in Camco's other activities, namely REDT, its clean energy and storage business. A further announcement will be made in due course when appropriate.

Enquiries

Camco Clean Energy plc	[phone]
Scott McGregor, Chief Executive Officer
Jonathan Marren, Chief Financial Officer
finnCap Ltd	[phone]
Julian Blunt (Corporate Finance)
Tony Quirke (Corporate Broking)
Newgate	[phone]
Tim Thompson
Helena Bogle
Ed Treadwell

About Camco Clean Energy

Camco Clean Energy plc (AIM: CCE) is a clean energy development company which combines technical and commercial expertise to finance, develop, and operate renewable energy projects and storage technology.

With 25 years of experience and an outstanding track record throughout Asia, North America, Africa and Europe, Camco works with local developers, governments, development banks, and private investors to implement clean energy projects, policies, and technologies and reduce emissions.

In the last year, Camco has brought an advanced energy storage technology to market (REDT energy), secured an investment advisory fund mandate for African renewables, and has developed utility scale biogas plants in the US.

 

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