Texas, United States [RenewableEnergyWorld.com] Camco International Limited has announced the sale of Dallas Clean Energy LLC, its landfill gas recovery facility in Dallas, Texas. Camco has agreed to sell Dallas Clean Energy to Clean Energy Fuels Corp., for a total consideration of US $19.1 million in cash.
As part of the sale agreement , Camco and Clean Energy Fuels Corp, have agreed to enter into discussions for a post sale agreement whereby Camco will continue to provide services to Dallas Clean Energy to evaluate the potential to generate emission reduction credits.
“We are very pleased that the sale enables us to release this short term asset investment from our balance sheet, at the same time making a pre-tax 21% (30% annualized) return for our shareholders from our asset development business in the U.S. The sale forms part of Camco’s asset management strategy as we continue to evaluate the development of an in-house asset management team,” said Scott McGregor, Camco’s CFO.