21 Aug 2012 07:00
21 August 2012
Camco International Limited
("Camco" or the "Company")
Receipt of $6m clean energy grant
Camco International Limited (AIM: CAO), a global developer of clean energy projects and solutions to reduce greenhouse gas emissions, is pleased to announce that its US operation has received a grant from the US Treasury of approximately $6m.
The grant has been awarded in connection with the construction of its 4.5 MW anaerobic digester, completed on time and ahead of budget earlier this year, at a 15,000 head dairy farm located in Jerome, Idaho. The digester produces biogas from cow manure that is then used to produce renewable electricity.
The grant was received under the federal grant programme funding established by the American Recovery and Reinvestment Act of 2009.
The majority of the funds received will be used to repay a loan which was used to fund part of the construction of the project.
Scott McGregor, CEO of Camco said:
"This grant resulted from the hard work, experience and commitment to deliver projects that we have based in North America. With a strong pipeline of projects, proven project development expertise, and the ability to successfully finance projects, Camco is well positioned to become the leading developer and owner of agriculture biogas plants in the US in the years ahead."
Enquiries:
Camco | +44 (0)20 7121 6100 |
Scott McGregor, Chief Executive Officer | |
Jonathan Marren, Chief Financial Officer | |
Singer Capital Markets (Camco Nominated Adviser and Broker) | +44 (0)20 2305 7500 |
James Maxwell | |
Kreab Gavin Anderson (Investor Relations) | +44 (0) 20 7074 1842 |
Ken Cronin | |
Citigate Dewe Rogerson (PR Advisor) | +44 (0) 20 7638 9571 |
Chris Gardner / Malcolm Robertson |
Notes to editors:
About Camco:
Camco International Limited (Camco, AIM: CAO) is a global developer of clean energy projects and solutions to reduce greenhouse gas emissions with operations in the US, the UK, China, Africa, Russia and SEA.
Camco has a 20-year track record in project development, technical delivery and policy development, working with local industry, multinational companies, governments and regulatory bodies.
The Carbon Project Development business 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.
Camco's Clean Energy Project Development teams collaborate with industry, project developers, equipment providers and investor groups to create emissions-to-energy projects and maximise sustainable energy production across a range of industries; including agricultural methane, industrial energy efficiency, coal mine methane, municipal solid waste, biomass and landfill gas.
The Energy and Carbon Advisory teams provide strategic, commercial and technical expertise accrued over two decades to deliver low carbon energy and sustainable development solutions.
www.camcoglobal.com
About the US Treasury 1603 Program
The grant was awarded by the US Treasury under the "1603 Program: Payments for Specified Energy Property in Lieu of Tax Credits" which reimburses eligible applicants for a portion of the cost of installing specified energy property used in a trade or business or for the production of income. A 1603 payment is made after the energy property is placed in service; a 1603 payment is not made prior to or during construction of the energy property.