CO2 Group announces international expansion with projects valued at more than AU$50m
CO2 Group has announced that it has signed a joint venture agreement with Asia Energy Development Partners (AEDP), a Singapore-based carbon and renewable energy specialist, to establish CO2 Asia. This new company will specialise in the development and commercialisation of projects under the Clean Development Mechanism (CDM) of the Kyoto Protocol.
The joint venture company (60% owned by CO2 Group and 40% owned by AEDP) has secured a number of major contracts that will generate approximately 15 million certified emission reduction units (CERs) over a 21-year period. These CERs are currently valued at more than AU$50 million. In addition, the company has a strong pipeline of future prospects.
“The creation of this joint venture provides us with international diversification, strong revenue growth and access to new and emerging markets in Europe and South-East Asia,” said Andrew Grant, CEO of CO2 Group, who will also be the Chairman of CO2 Asia. “Most importantly, it will help us support our current clients to meet their compliance needs in Australia and New Zealand.”
The joint venture will draw on AEDP’s expertise in working in carbon markets across South-East Asia and brings strong in-country commercial and government relationships. CO2 Asia’s contracted and pipeline CDM projects are located in Vietnam and India and the carbon credits generated from these projects can be traded under the European Union’s Emissions Trading Scheme, the Australian Carbon Scheme and the New Zealand Emissions Trading Scheme (as all projects are pre-December 2012).
David Tow has been appointed Managing Director of CO2 Asia. Tow has more than 20 years’ experience in energy and infrastructure and an extensive track record of successful delivery of renewable energy projects.
“This expansion into Asia is part of CO2 Group’s strategy to leverage our strong carbon technical skills and commercial knowledge into emerging markets. This announcement builds on the company’s successful expansion into New Zealand and will ensure that CO2 Group’s revenue base is broad, diversified and continues to grow,” Grant said.
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