Miami, Florida – November 3rd, 2010.
Mercuria Energy Group Ltd. announces today the acquisition of carbon offset project developer MGM International Group LLC. The purchase of MGM represents a strategic investment by the Geneva-based Mercuria to create an additional growth platform for its global carbon trading activities.
Under the terms of the transaction, Mercuria has purchased all of the equity in MGM International Group from Morgan Stanley Capital Group Inc. and MGM International LLC, which is owned by MGM International Group’s founders.
“MGM has proven to be a leading innovator in the field of carbon project development, and we are very pleased to bring this company and its management on board at Mercuria,” said. Jean-Francois Steels, Mercuria Head of Carbon Trading. “We anticipate MGM will provide a valuable platform for the growth of our carbon project origination and marketing activities.”
The Miami, Florida-based MGM International Group is a leader in the development of international projects to reduce greenhouse gas emissions and a pioneer in global carbon trading markets. The firm was one of the first to focus on global carbon project development, and it currently manages projects in 22 countries.
“There are few companies in the carbon market with such a mature and sizable portfolio of projects as MGM,” said Paul Chivers Mercuria Group Chief Investment Officer “MGM’s portfolio stands out for the diversity of its projects by geography, technology, and credit delivery dates. The company is poised to produce a significant amount of credits between now and the end of the Kyoto Protocol compliance period in December 2012, which provides a solid platform to support our focus on global carbon trading markets.”
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