FinSoul has been made aware of a late in the year, major new deal for carbon offsets aggregator Camco International which markets carbon offsets under the Kyoto Protocols Clean Development Mechanism. The firm announced that it had sold the rights to 2.1 million tonnes of its carbon portfolio for €9.8 million or $14.4 million upfront and net cash proceeds of €8.4 million ($12.2 million).
The new CEO of Camco, Scott Mcgregor, expressed his happiness with the deal saying "This deal wasn't in our forecasts. We've been working on it for six months and it's provided us with a significant amount of cash in the bank."
FinSoul research indicated that the news had an immediate positive effect on the company’s share price pushing it up 1.1% to a 6 week high.
It was disclosed that the deal was all the sweeter as the tonnage involved was the total output expected from some projects as opposed to simply a first tranche, and therefore the delivery risk no longer lay with Camco but had been taken on by the buyer.
FinSoul believes that the CEO went on to say that Camco tougher regulation would give momentum to its services business, where it assists clients in emissions reductions.
"It's obvious to me that whatever happens post-Copenhagen, regulation will only get tougher. Emissions have to be reduced and there's complete consensus from all governments on that," he is quoted as saying, adding that the Copenhagen negotiations in his opinion were looking positive so far and believed that there was good, positive momentum having all the world leaders there.
