Camco auctions off 5.8 million CERs
Project developer Camco has auctioned 5.8 million Certified Emission Reductions (CERs) to a number of large compliance buyers, the group said on Thursday. The credits, accounting for 4.5% of the total amount that Camco expects to deliver during the Kyoto period, stem from nine different projects.
Under the deal, Camco is set to receive EUR 15 million upfront. The credits, which have not yet been issued by the UN, will be delivered at a fixed price per CER. The prices vary within the portfolio as it was sold off in different tranches during the auction.
Camco is now looking to auction off another set of CERs, possibly later this year. “It might be in one month, or five months – we won’t rush it, but I don’t think it will take a huge amount of time,” c.e.o. Jeff Kenna told ICIS Heren. “What we have done is to forge close connections with compliance buyers to learn what they really want.” CER buyers are increasingly looking for different risk profiles, depending on the credits already in their own portfolio, he said.
Demand was high, with the auction oversubscribed four times. Camco declined to give details on specific prices. IS
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