Standard Bank has announced the completion of a carbon market transaction on behalf of Camco International. The auction of a portfolio of certified emission reduction certificates (CERs) was four times oversubscribed. The transaction involved the structuring of a number of Camco’s clean development mechanism (CDM) projects into a tranched pool and the subsequent distribution of rights to shares of volumes of CERs flowing from tranches in the pool. Standard Bank was the end buyers’ counterparty and, as part of the structure, Camco will receive a payment of €15m. According to Standard Bank, this structure combines the sale of CERs with elements of classical structured commodity finance, tailored to provide the best solution for Camco and the end buyers. The transaction features: the pooling of multiple diversified projects into a tranched structure which enhances the risk profile for buyers and adds value for Camco; a defined distribution process evidenced by Standard Bank’s track record of five years in the emissions sector; and it provides Camco with a payment for future CER deliveries without requiring guarantees as to the future CER volume performance of the projects.
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