AIG Capital Partners, Inc. (AIGCP), a member company of AIG Global Investment Group (AIGGIG) has reached an agreement to become a significant investor in London-based Sindicatum Carbon Capital Ltd. (SCC). The Company is a “a principal financier/developer of green house gas (GHG) abatement projects globally,” said the announcement. AIGGIG joins the list of SCC’s existing strategic shareholders, including Citi.
The bulletin described SCC as “a specialist climate mitigation company utilizing capital and technology to convert GHG emissions into long-term sources of revenue in this rapidly emerging market.” It plans to use the new capital investment to “accelerate the development of its GHG reduction projects and investment in new and emerging technologies.”
SCC’s current projects include the coal mining, chemical and process industries, waste management and power generation sectors. The projects are designed to create “large volumes of GHG reductions, which will be registered under the Kyoto Protocol on climate change to create ‘carbon credits.'”
As concerns over the effects of GHG emissions mount, there has been an “”explosive growth over the past two years” in projects adapted to the carbon credit markets. Scott Foushee, Managing Director, AIG Capital Partners, indicated that AIGCP’s investment will enable it to participate in that market. He also noted that “SCC’s management team is uniquely positioned to capitalize on this opportunity.”
SCC’s CEO Assaad Razzouk commented: “The climate change sector will attract extremely large volumes of capital over the coming years. The financial power of a combined AIG and Citi strategic investments supporting SCC will allow our company to become a major focal point for intelligently mobilizing capital in this dynamic and evolving sector. Furthermore, the global presence of our shareholder base will enable SCC to implement its business in markets ranging from Asia to Europe, Middle East, Africa, Latin America, Canada and the USA.”
Other shareholders in SCC include the Black River Commodity Clean Energy Investment Fund, a fund managed by Black River Asset Management, LLC, a subsidiary of Cargill, and Foresight Venture Partners, a UK institutional investor.
Topics AIG
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