RED.L Regulatory News (RED)

13 Jul 2007 07:00

Camco International Ltd13 July 2007 13th July 2007 Camco International and Tudor Investment Corporation to Launch Global Climate Change Equity Joint Venture Camco International ("Camco") and Tudor Investment Corporation ("Tudor") todayannounce that they have entered into a letter of intent to launch the ClimateLeaders' Joint Venture (the "Joint Venture"), an equity investment joint ventureto finance projects that reduce greenhouse gas emissions and generate emissionscredits. The partners expect to complete negotiations and reach formal closingof this Joint Venture in the near future. Split between offices in London and New York, and with linkages to Camco and ESDoffices worldwide, the Joint Venture will be led by a dedicated team comprisingleading low carbon professionals with expertise in project development andfinance, with proven capability in clean energy development, investment andfinance. The Joint Venture will be run by an entity established by Camco, Tudor and GaianCapital ("Gaian"), funded with $10m operating capital ($6.5m provided by Tudorand $3.5m by Camco, taking into account the operational involvements of theparties). Camco will own initially 60% of the Joint Venture. The Joint Venture'sinitial focus will be on projects in North America with planned expansion intoselected developed and developing countries over time. Tudor has committed aninitial investment of USD $100 million to the Joint Venture. Commenting on the letter of intent to launch the Joint Venture, Jeff Kenna, CEOof Camco International, said: "Business has woken up to the urgent need to take action, and capital ismobilizing. By expanding into equity finance, the Climate Leaders Joint Venturewill provide a source of equity funding for emissions reducing projects in whichour client partners are engaged. Partnering with Tudor gives the Joint Venturethe initial capital it needs to launch and the support and credibility of one ofthe world's most respected professional investment firms. We plan to worktogether to make the Joint Venture a substantial business in its own right." The Joint Venture is sponsored by the Camco Group, world leaders in this fieldwith over 200 professionals in 11 countries. The Group's expertise spans policy,regulation, energy technology, low carbon and clean energy project origination,qualification and commercialisation of carbon credits. Its support will enablethe Joint Venture to access a pipeline of mitigation projects unavailablethrough any other investment opportunity. Camco manages one of the world's largest portfolios of carbon credits under theKyoto Protocol. Camco's has specific carbon sector expertise and incomparableearly access to large carbon asset and technology investment opportunities inChina, Russia and South Africa. ESD, part of the Camco Group, has advised on anddeveloped over 1,000 projects, was a founder of the UK Emissions Trading Schemeand has been instrumental in the development of climate change legislation andregulation in the UK, EU and for Kyoto. The Joint Venture brings together the investment capital, high quality projectsthat offer real reductions in greenhouse gases, and scarce expertise required toachieve profitably. The Joint Venture's first investments are under negotiationand will provide a clear roadmap for future value growth. The majority ofcapital will be allocated to direct investments in high value greenhouse gasreducing assets such as methane capture, destruction and energy generation. Thebalance will be allocated to structured equity investments in leading low carbonasset developers to create future deal flow for more direct asset investments. David Scaysbrook, co-founder of the Joint Venture, will act as ExecutiveChairman of the team, which is expected to comprise up to 15 professionals whenfully staffed. The Joint Venture has started to attract senior executives and itis expected that an advisory board comprised of some of the world's climatechange and business experts will be appointed in due course to oversee theinvestment strategy of the Joint Venture. This release is not intended to solicit additional investors into the JointVenture. For further information please contact: Camco International Limited +44 (0) 20 7256 7979 Jeff Kenna, Chief Executive OfficerScott McGregor, Chief Financial Officer Press Gavin Anderson +44 (0) 20 7554 1400 Ken Cronin/Kate Hill/Jodie Reilly Nominated Advisor KBC Peel Hunt Ltd +44 (0) 20 7418 8900 Jonathan Marren/David Anderson About Camco (www.camco-international.com) Camco is a leading climate change group managing one of the world'slargest portfolios of carbon credits, providing carbon advisory services andinnovating new products and services. Camco works closely with businesses toidentify and develop projects that reduce greenhouse gas emissions. Camco's portfolio consists of 93 projects under exclusive contract with thepotential to deliver over 127 million carbon credits through to 2012. Camco wasvoted "Best Project Developer" in a survey of carbon industry participantsundertaken by Point Carbon in 2007. About ESD (www.esd.co.uk) ESD was established in 1989 and since then has helped to define policies andimplement projects in the mitigation of climate change. It provides advisory andconsulting services, working with Government's, NGO's and private sectorenterprises. ESD also undertakes project development work, both for its ownaccount and in joint ventures. ESD has a staff of over 120 people working in 8offices across the UK, Eastern Europe and Africa. In 2006, ESD was voted one ofthe Financial Times top 50 'Great Places to Work'. ESD Ventures (ESDV) works in partnership to develop carbon reduction businessesand projects in the UK, China and Africa. ESDV works at its own risk and takessuccess fees and equity stakes in the client business. The current ESDVportfolio includes wind farm development, biomass project development and landuse projects all of which may generate carbon credits. About Tudor Capital The Tudor Group, which consists of Tudor Investment Corporation and itsaffiliates, is involved in active trading, investing and research in the globalequity, debt, currency and commodity markets. Founded in 1980 by Paul Tudor Jones II, the firm currently manages $17.7billion. The firm's investment strategies include global macro trading,fundamental equity investing in the U.S. and Europe, emerging markets, venturecapital, commodities, event driven strategies and technical trading systems. About Gaian Capital David Scaysbrook is the Principal of Gaian Capital and has over 15 yearsexperience as an entrepreneur involved in all aspects of conventional andrenewable power generation, from greenfield project development through to largescale mergers and acquisitions and project financing. He has been integrallyinvolved in the investment of over £300 million of direct equity in powergeneration assets in 3 continents, the arranging of more than £1 billion inenergy project finance and the raising of over £50m in equity capital for cleanenergy ventures. In the clean energy and emerging carbon arena, David has most recently been:The founder and former non-executive director on the Board of Novera EnergyLimited, one of the largest independent renewable energy generators in theUnited Kingdom. Novera is listed on the AIM market of the London Stock Exchangewww.noveraenergy.com. A founding shareholder of Viridis Energy Capital, a specialist clean energy fundwith a global focus and a portfolio of investments in landfill gas, biomass andhydro power in USA, UK, Italy and Germany. Viridis is listed on the AustralianStock Exchange www.viridisenergy.com.au. A founding shareholder and instrumental in the merger, financing and publiclisting of Camco International Limited, a global leader in the generation ofcarbon credits under the Clean Development Mechanism of the Kyoto Protocol.David currently advises the Board of Camco on strategic issues. David recently accepted an invitation to join the UK Government's RenewableEnergy Advisory Board which advises the UK Minister of Energy in connection withrenewable energy issues. This information is provided by RNS The company news service from the London Stock Exchange