Camco Wins U.S. Grant to Repay Loan on Dung-to-Power Plant
Camco International Ltd. (CAO), a developer of clean-energy projects, won a U.S. Treasury grant of about $6 million to repay a loan used to build a plant that generates power from cow manure.
The 4.5-megawatt capacity plant captures gas for renewable power generation from dung at a farm that has 15,000 dairy cows in Jerome, Idaho, Camco said today in a statement.
The cash was awarded as part of the federal grant program established by the American Recovery and Reinvestment Act of 2009. The project was completed earlier this year at a cost of about $22 million and is the largest dairy-biogas plant in North America, according to Camco.
“If you put aside utilities, two other areas in the U.S. where we believe emissions need to be reduced significantly in the next five, 10 to 15 years are agriculture and transport,” Chief Executive Officer Scott McGregor said by phone.
Camco plans to build about $200 million of projects in the U.S. that target agricultural emissions, and expects to reach financial close on some ventures this year, he said.
The company already has anaerobic digesters at farms in Minnesota and is working with one of Michigan’s largest dairy farms to generate power from manure. Projects typically have loans covering 70 percent of the cost, McGregor said, declining to specify the lender for its Idaho anaerobic digester.
Camco, also a developer of traded emission credits, is targeting expansion in Southeast Asia and this month said it plans to build a power plant in Malaysia fed by waste from a palm-oil plantation.
To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.