31 Jan 2014 07:00
Camco Clean Energy plc
2013 year end Trading Update
The Board of Camco Clean Energy plc ("CCE" or the "Company") is pleased to provide a trading update for the year ended 31 December 2013.
US Clean Energy
At the end of 2013 we completed the acquisition of our second operating biogas plant in the US, the 2.1MW Twin Falls Facility. The integration of the facility into our operations has progressed extremely well and we are very pleased with its first month of operation under our ownership, which has been ahead of target.
The Twin Falls facility sits in our portfolio alongside our operating 4.5MW biogas plant, the Jerome Facility, which is also performing very well having met its monthly power targets throughout 2013. We are confident that the Company will benefit operationally from the close proximity of these two plants and have already started to see the experience we have gained from operating the Jerome Facility showing in the improved operations of the Twin Falls facility.
Our US team continues to focus on further business development in the clean gas space and the ability to grow the pipeline is significantly enhanced by the credibility gained from our two operating assets.
In addition, we were very pleased to see the first issuances of both Ozone Depleting substances ("ODS") and Agricultural Methane carbon credits from the portfolio of carbon credits which we have developed and receive a share for managing on behalf of our partners.
REDT* Clean Energy Storage
2013 was a transformational year for REDT culminating in the award of the £3.6m contract to build a 1.26MWh utility storage facility on the island of Gigha, Scotland. Work has started in earnest on delivering the project with our partners with first funds drawn down on budget on the project. In addition having successfully piloted its first vanadium redox demonstration 5KWh 6 hour system and completed over 1,000 cycles and implemented the 60 kwh battery system in Portugal, the team continues to build out its distribution network and sales pipeline.
Africa Clean Energy
During the later part of 2013 Our Africa Clean Energy team submitted a 5MW solar project into the first round of the Small IPP Procurement Program in South Africa and continues to develop a further pipeline of projects across Sub Saharan Africa. We were also one of twelve organisations chosen from a pool of 475 applicants which won $1 million in funding from US AID, spread over a number of years, for its Biomass Mini-Grids Project aimed at establishing fifty agro-industry centres and village grids within Benin and Tanzania.
In addition, our six offices across sub-Saharan Africa continue to win exciting and noteworthy projects such as a climate change opportunities mitigation potential analysis project for South African government and a recent win to design the Zimbabwe feed it tariff system following the design of similar programs across Africa.
Outlook
As a result of the extremely hard work done by our teams during the year just ended, we enter the new year in a much better position that we did a year ago and can look forward with optimism to growing opportunities available to us in the year ahead and beyond.
Scott McGregor, Chief Executive Officer, said:
"Having successfully completed our turnaround in 2013 our clean energy development and storage businesses are in prime position for growth in 2014"
Enquiries:
Camco Clean Energy plc
Scott McGregor, Chief Executive Officer +44 (0) 20 7121 6100
Jonathan Marren, Chief Financial Officer
N+1 Singer (Nominated Adviser and Broker) +44 (0) 207 496 3000
Andrew Craig
Ben Wright
About Camco Clean Energy
Camco Clean Energy plc (AIM: CCE) is an experienced project developer working to develop, construct, deliver 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 maximise 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 plc, on a fully diluted basis, has an economic interest of 49% in REDT.