www.camcoglobal.com
Camco is a global developer of emission reductions and clean energy projects with operations in China, US, UK, Africa, Russia and South East Asia. Camco has a 20 year track record in project development, advisory, technical delivery and policy development, working with local industry, multinational companies, governments and regulatory bodies.
Camco has a strong presence in the emissions market having created one of the largest reductions portfolios and works locally with industry, equipment providers and investor groups to create emissions-to-energy projects, maximising sustainable energy production across a range of industries.
Camco International continues to close commercial deals at favourable market prices
Camco International (LON:CAO) continues to close commercial deals at favourable market prices, chief executive Scott McGregor told investors.
This morning the group, which develops emission reduction and clean energy projects, gave investors an update on its carbon portfolio operations for six months ended 30 June 2011. Camco said its commercial strategy is to execute long term structured sales when the market is right.
During the first half of 2011 Camco has successfully executed a series of structured transactions and deliveries, while the market environment was favourable.
During the period Camco achieved a substantial increase in its in-specie post-2012 carbon portfolio. The improvement was largely driven by the group’s strong market position in China, Camco said.
"Camco has achieved further growth in its carbon portfolio in the first half of the year which supports long term value to our clients and the company," said chief executive Scott McGregor.
"We have continued to execute commercial transactions and deliveries from our projects at favourable market prices."
Camco highlighted that it has executed a series of forward sale transactions, which have locked in a favourable price for 1.5 million tonnes of carbon credits.
In-specie carbon volumes increased by 14 percent in the post-2012 portfolio to 41.5 million tonnes, and the group said it has a stable 26.6 million tonnes of pre-2012 in-specie carbon. Increased volumes mean that Camco will be due a greater number of carbon credits.
During the period Camco delivered 1.9 million tonnes of carbon. The group said that carbon deliveries and sales have produced a strong cash position of €13.9 million at year end.
Looking at its other businesses Camco highlighted that the project business unit achieved financial close on the largest dairy biogas project in North America, and construction work is now underway.
Elsewhere Camco said that the advisory business unit is performing in line with expectations, and it has secured a strong order book for the balance of the year.
