Published 24 December 2010
Australian environmental services company CO2 Group Ltd said yesterday its joint venture, CO2 NZ limited partnership, has finalised commercial mandates with New Zealand entities for the sale of over 2.5 million New Zealand carbon emission units.
CO2 NZ LP was registered as a limited partnership on 15 December. It’s a commercial partnership between CO2 Group, the Maori commercial development company Tukia Group Ltd and investment & advisory firm Carbon & Energy Partners Ltd.
CO2 Group chief executive Andrew Grant, said its joint venture in New Zealand was progressing ahead of expectations. He said prices for spot New Zealand units had fluctuated between $17-21 this year, valuing this portfolio update between $42.5-52.5 million.
CO2 Australia is the country’s largest provider of dedicated carbon sink reforestation plantings, managing over 16,500ha of plantings in New South Wales, Victoria & Western Australia.
CO2 New Zealand provides tailored carbon management solutions for organisations liable under the New Zealand emissions trading scheme, investors & landowners. It operates as a developer, manager, trader & risk manager of physical & financial carbon assets.
Directors of the New Zealand partners are:
Tukia Group Ltd: David Carson, Murupara; Kani Edwards, Rotorua; Lennie Johns, Taupo; Tamati Kruger, Taneatua; Chris McKenzie, Tokoroa; & Graham Pryor, Auckland.
Carbon & Energy Partners Ltd: Greg Adlam, Wellington; & James Moulder, Meadowbank.
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.