Camco Clean Energy CCE Camco Clean Energy announces JV with MW1

  Camco Clean Energy (CCE) - Camco Clean Energy announces JV with MW1

RNS Number : 1504R
Camco Clean Energy PLC
15 November 2012
 



                            Camco Clean Energy plc

                                       

 Camco Clean Energy announces JV with MW1 to develop clean energy projects in
                                    Africa

                                       

London, UK; Durban, South Africa - 15, November, 2012 - Camco Clean Energy plc
announces today that it has formed a joint venture (JV) with its South African
partner, MW1, a domestic renewable energy company to develop renewable  energy 
projects. Initially the JV will focus  on solar photovoltaic (PV) projects  in 
South Africa with plans to extend  this into other technologies and  countries 
in the region thereafter.

 

The  partners  are  now  moving  forward  with  the  next  steps  in  contract 
negotiations for utility-scale PV plants starting at 5MW capacity for  private 
and commercial customer as a South African Renewable Energy Independent  Power 
Producer (REIPP).

 

Camco Clean  Energy CEO,  Scott McGregor,  commented, "Africa  suffers from  a 
pronounced lack of access to electricity and poor quality of grid supply, both
in terms of cost  and in terms of  reliability. Not surprisingly,  distributed 
renewable energy is a key element of regional strategies for increasing energy
access, improving energy security and  as a consequence economic  development. 
Southern Africa  represents  significant  opportunities for  us  given  recent 
policy development and our  20+ year expertise in  clean energy generation  in 
Africa. The highly qualified  team, detailed knowledge of  the local solar  PV 
industry and  technical  project  development expertise  make  MW1  a  logical 
partner for us.  Together we will  open new opportunities in this dynamic  and 
vibrant market  first in  South Africa  and then  in the  rest of  sub-Saharan 
Africa."

 

Yegis Reddy, Managing Director of MW1, said,"We are pleased to work with Camco
Clean Energy  in  delivering utility  scale  projects in  Africa.  By  working 
together we will  be providing  the best of  both worlds.  Camco Clean  Energy 
contributes its leading expertise  in independent renewable energy  production 
and structuring project financing. MW1  provides strong project selection  and 
development together with  our deep knowledge  of the African  market. The  JV 
allows us to  offer our  clients a comprehensive  service for  all aspects  of 
renewable energy projects."

Enquiries:

Camco Clean Energy plc                    +44 (0)20 7121 6100
www.camcocleanenergy.com
Scott McGregor, Chief Executive Officer
Jonathan Marren, Chief Financial Officer
Megawatt1                                 +27 31 3016444
Yegis Reddy, Managing Director
N+1 Singer (Nominated Adviser and Broker) +44 (0)20 2305 7500
James Maxwell
Kreab Gavin Anderson (Investor Relations) +44 (0) 20 7074 1842
Ken Cronin
Citigate Dewe Rogerson (PR Advisor)       +44 (0) 20 7638 9571
Chris Gardner / Malcolm Robertson

 

 

Notes to the editor

    About Camco Clean Energy

    Camco Clean Energy plc  (AIM: CCE) is an experienced project developer
    working to develop, construct 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 maximising 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.

    Camco Clean Energy has created one of the largest emission reductions
    portfolios and has structured ground breaking and innovative arrangements
    for the sale and delivery of emission reductions to compliance and
    voluntary buyers.

    About MW1

    Megawatt 1 (MW1) is a South African renewable energy company with a
    primary focus on developing photovoltaic projects, using its highly
    qualified team of local and international experts.

 

About the REIPPP in South Africa

 

South Africa has a high level of renewable energy potential and presently has
in place a target of 10,000 GWh of renewable energy. The Department of Energy
in South Africa has determined that 3,725 megawatts (MW) to be generated from
renewable energy sources is required to ensure the continued uninterrupted
supply of electricity. This 3,725 MW is broadly in accordance with the
capacity allocated to Renewable Energy generation in IRP 2010-2030.

 

This RE IPP Procurement Programme has been designed so as to contribute
towards the target of 3,725 megawatts and towards socio-economic and
environmentally sustainable growth, and to start and stimulate the renewable
industry in South Africa.

 

     

 

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           The company news service from the London Stock Exchange
 
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NRAGGGCGGUPPGQC -0- Nov/15/2012 07:01 GMT