Camco Clean Energy plc is pleased to announce that it has today completed the acquisition of the Twin Falls biogas facility in Idaho, US. This brings the combined installed capacity of Camco Clean Energy's two operating dairy biogas to power facilities in the US to 6.6MW.
As previously announced, the Twin Falls biogas facility has an installed capacity of 2.1 MW and is situated on a 10,000 plus head dairy near Twin Falls, Idaho (the "Facility"), less than 30 miles from the Company's other operating 4.5 MW biogas facility near Jerome, Idaho (the "Jerome Facility").
The acquisition, which was announced on 27 June 2013, has been completed for revised consideration of $2.9m and follows the satisfactory transfer of the environmental permits and the land lease with the dairy.
The acquisition of the Facility will generate immediate cash flow for the Company and will be a meaningful addition to its existing asset and carbon business in the US. The proximity of the Facility to the Company's existing Jerome Facility is also expected to allow for operational benefits to be secured across both facilities, particularly given the same technology as well as operations and maintenance contractor.
Scott McGregor, Chief Executive Officer, said:
"The completion of this transaction alongside our recent issuance of the first carbon credit offsets in the Californian market now provides the company with a solid basis for growth in North America. We look forward to expanding both our biogas projects and Californian carbon credit offset businesses in 2014"
Camco Clean Energy plc
Scott McGregor, Chief Executive Officer +44 (0) 207121 6100
Jonathan Marren, Chief Financial Officer
N+1 Singer (Nominated Adviser and Broker) +44 (0) 207 496 3000
About Camco Clean Energy
Camco Clean Energy plc (AIM: CCE) is an experienced project developer working to develop, construct, deliver and operate projects that contribute to building a sustainable future.
With more than 20 years of successful project delivery we help clients in Asia, North America, Africa and Europe to implement clean energy and emission reduction solutions, reducing costs and maximise financial and environmental benefits. We have an outstanding track record in technical delivery and commercial expertise, working with local industry, multinational companies, governments and regulatory bodies.