Re Joint Venture

18 Dec 2007 07:01

Camco International Ltd18 December 2007 Camco International Limited18 December 2007 Climate Leaders Joint Venture update Camco International ("The Camco Group" or "Camco"), a pioneering business in thesustainable energy and low carbon markets, provides an update on the previouslyannounced Climate Leaders' Joint Venture ("CLJV"), a planned asset investmentvehicle to finance projects that reduce greenhouse gas emissions and generateemissions credits. On 13 July 2007 Camco announced that it had entered into a letter of intent withTudor Investment Corporation ("Tudor") and Gaian Capital ("Gaian") to launch theCLJV. Camco, Gaian and Tudor have worked together for 6 months to develop theentity and have reviewed several alternate commercial structures and revenuemodels in detail. Camco, Gaian and Tudor have agreed to let the letter of intentexpire and release each other from their mutual obligations. Camco and Gaian have determined that they, in conjunction with the CLJVmanagement team, will seek to establish a fund with new investors. This could bea larger investment fund than originally envisaged due to the recent andsignificant increase in investor interest in financial solutions to climatechange. Over the past 6 months, Camco and the CLJV management team have: • Engaged a core management team of leading carbon finance, project development and investment professionals• Secured the seed asset for the first investment fund vehicle (the previously announced McCommas Bluff landfill in Dallas, Texas)• Commenced active negotiation on several additional investment opportunities• Identified outstanding candidates for the CLJV Investment Committee and Advisory Board• Largely completed the structuring and documentation of an investment fund vehicle and management structure The Camco Board of Directors is pleased to confirm that Sir Crispin Tickell hasagreed to join the CLJV Advisory Board as Chairman. Sir Crispin has been aprominent and distinguished advocate of action to respond to the threats ofclimate change for over 30 years. He was the United Kingdom's PermanentRepresentative to the United Nations from 1987 to 1990 and has chaired manynational and international committees on sustainable development and climatechange including the Climate Institute, Gaia Society, International Institutefor Environment and Development and the UK Government Panel on SustainableDevelopment. David Potter, Chairman of Camco, said; "We are delighted that Sir Crispin hasaccepted this appointment given his global leadership and stature in raisingawareness of climate change and sustainability." Jeff Kenna, CEO of Camco, said; "We would like to thank Tudor for their support,effort and expertise in helping Camco develop the Climate Leaders' initiative.We are pleased with the progress made and look forward to closing the fund." Tudor said; "As a committed Camco shareholder we remain strong believers in thecarbon sector." This release is not intended to solicit investors for investment in CLJV. Bali update Camco is pleased with the positive outcome from Bali. The COP decided to launcha comprehensive process towards reaching an agreement on the provision offinancial resources and investment to support enhanced action, includingfacilitation of carbon-friendly investment choices. This provides strongvalidation of our strategic positioning of the Camco Group and the ClimateLeaders initiative. Enquiries: The Camco Group +44 (0)20 7121 6100Jeff Kenna, Chief Executive OfficerScott McGregor, Chief Financial Officer KBC Peel Hunt Ltd (Nominated Adviser) +44 (0)20 7418 8900Jonathan MarrenDavid Anderson Gavin Anderson +44 (0)20 7554 1400Ken CroninKate HillDaniela Stawinoga Notes to editors: Camco The Camco Group is a pioneering business with an outstanding track record in thesustainable energy and low carbon markets. The Group consists of three businesssegments: The Camco carbon assets business is a leading project developer with one of theworld's largest carbon credit portfolios. We partner with companies to identify,develop and manage projects that reduce greenhouse gas emissions, and thenarrange the sale and delivery of carbon credits to international compliancebuyers and into the voluntary market. The consultancy practice includes ESD, The Edinburgh Centre for CarbonManagement (ECCM), Bradshaw Consulting and ESD Sinosphere. The businessescombine specialist technical, strategic and financial expertise and experienceaccrued over two decades. Camco Ventures works with project and technology developers, early stagebusinesses and investor groups to commercialise climate change mitigationtechnologies, projects and services Part of this business is the recentlyannounced Climate Leaders' Joint Venture. This information is provided by RNS The company news service from the London Stock Exchange