Blue Source LLC, a developer of greenhouse gas verified emission reductions and carbon capture and storage projects, announced a strategic partnership with affiliate investment funds of Och-Ziff Capital Management Group LLC (NYSE: OZM) to fund the development of carbon infrastructure projects.
Och-Ziff’s investment funds have committed up to $500 million for new greenhouse gas reduction projects to be managed in partnership with Blue Source. In addition to this capital commitment, Och-Ziff’s investment funds are also making an investment in Blue Source. Specific terms of both transactions were not disclosed.
The Och-Ziff investment will support Blue Source’s ongoing development of a "carbon highway" of pipeline infrastructure projects across North America that capture, transport and sequester anthropogenic CO2 that would otherwise be vented into the atmosphere, according to a release.
The company will also invest in climate change projects derived from power generation, fertilizer production, advanced energy conservation, natural gas production and methane management from coal mining, wastewater treatment, landfills and animal management.
Daniel S. Och, Chairman and CEO of Och-Ziff Capital Management Group, said "We are excited to be able to jointly build a carbon asset business with Blue Source. We consider the firm and its principals to have a unique leadership position in the industry. This new partnership is a terrific fit to our existing and prospective energy and infrastructure investment activities."
About Och-Ziff Capital Management Group LLC
Och-Ziff is a global institutional asset management firm listed on the New York Stock Exchange with assets under management of approximately $33.3 billion as of July 1, 2008. Established in 1994 by Daniel Och, Och-Ziff has grown into a global company with over 400 employees worldwide and offices in New York, London, Hong Kong, Tokyo, Bangalore and Beijing.
About Blue Source, LLC
Blue Source is organized into a portfolio group, responsible for marketing and managing the carbon offset portfolio and sourcing new offset projects and a separate project development group, responsible for identifying, designing, developing and managing projects.
Blue Source is a portfolio company of First Reserve Corporation, a leading private equity investor in the energy industry, who since 2006 has been a major equity partner in the company. Blue Source has offices in Salt Lake City, Utah; Calgary, Alberta; Houston, Denver, Colo.; Raleigh, N.C.; San Francisco and New York.
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