Sindicatum Carbon Capital has raised $280 million from U.S. endowment funds and a Dubai sovereign wealth fund, Istithmar, to fund carbon emissions cuts around the world, a source close to the deal said on Tuesday.
Global trade in carbon offsets depends on supportive climate change policies, and allows countries and companies in the developed world to pay others to cut greenhouse gas emissions on their behalf....
....The fund will co-invest alongside SCC in a pipeline of more than 40 projects, supplying 80 percent of investment and SCC the rest.
It will invest 10-15 percent in the United States, 10-15 percent in India, and 70-80 percent in China and south-east Asia including Indonesia, Thailand and Malaysia, the source said.
Investors in SCC itself include Citi Alternative Investments, AIG Global Investment Group and a subsidiary of Cargill.
Tuesday, September 2, 2008
Carbon offset developer raises $280 million: source