18th Aug 2008 07:00
Camco International Limited
Sale of Dallas Clean Energy LLC, landfill gas recovery facility in Texas
18 August 2008
Camco International Limited ("Camco"), a leading climate change business, is pleased to announce the sale of Dallas Clean Energy LLC, its landfill gas recovery facility in Dallas, Texas.
Camco has agreed to sell Dallas Clean Energy LLC to Clean Energy Fuels Corp. (Nasdaq: CLNE), a leading provider of natural gas (CNG and LNG) for transportation in North America, for a total consideration of $19.1m (€13m) in cash.
Scott McGregor, Camco CFO, said
"We are very pleased that the sale enables us to release this short term asset investment from our balance sheet, at the same time making a pre-tax 21% (30% annualised) return for our shareholders from our asset development business in the U.S.. The sale forms part of Camco's asset management strategy as we continue to evaluate the development of an in-house asset management team."
Camco will use the proceeds from the sale to finance the continued growth of its leading climate change business with services ranging from emission assessment, carbon management and project development.
Camco and Clean Energy Fuels Corp, as part of the sale agreement, have agreed to enter into discussions for a post sale agreement whereby Camco will provide services to Dallas Clean Energy LLC to evaluate the potential to generate emission reduction credits.
Since Camco's acquisition of Dallas Clean Energy LLC on 30 November 2007, no audited accounts have been prepared. The unaudited financial summary shows a profit for the month of December 2007 of $15,889 (€10,664), and a loss for the 6 months ended 30 June 2008 of $237,504 (€159,398). The net assets "held for sale" on Camco's balance sheet at 31 December 2007 are recorded at €8.4m.
Enquiries:
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The Camco Group |
+44 (0)20 7121 6100 |
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Jeff Kenna, Chief Executive Officer |
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Scott McGregor, Chief Financial Officer |
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KBC Peel Hunt Ltd (Nominated Adviser and Broker) |
+44 (0)20 7418 8900 |
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Jonathan Marren |
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David Anderson |
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Gavin Anderson |
+44 (0)20 7554 1400 |
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Ken Cronin |
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Kate Hill |
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Janine Brewis |
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Daniela Stawinoga |
Notes to editors:
The Camco Group is a leading climate change business in the growing carbon and sustainable energy markets. We offer a full range of carbon-related services to public and private organisations worldwide. The Group has a 20-year track record and manages one of the world's largest carbon credit portfolios.
The Group consists of three business segments:
The Camco carbon assets business is a leading project developer with one of the world's largest carbon credit portfolios. We partner with companies to identify, develop and manage projects that reduce greenhouse gas emissions, and then arrange the sale and delivery of carbon credits to international compliance buyers and into the voluntary market.
The consulting practice consists of Bradshaw, ECCM, ESD and ESD Sinosphere. It combines specialist technical, strategic and financial expertise and experience accrued over two decades to deliver a sustainable low carbon society. We are positioned to work with our clients to turn climate change liabilities into economic, social and environmental assets.
Camco Ventures works with project and technology developers, early stage businesses and investor Groups to commercialise climate change mitigation technologies, projects and services. Part of this business is the Camco asset management vehicle.
Clean Energy is the leading provider of natural gas (CNG and LNG) for transportation in North America. It has a broad customer base in the refuse, transit, ports, shuttle, taxi, trucking, airport and municipal fleet markets, fueling more than 14,000 vehicles daily at strategic locations across the United States and Canada. Clean Energy del Peru, Clean Energy's Peruvian joint venture, operates the world's largest natural gas vehicle fueling station in Lima, Peru. Information at: www.cleanenergyfuels.com
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