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2Co, Progressive Energy Say Carbon-Capture Plants Pass EIB Test

March 3, 2012

2Co Energy Ltd. and Progressive Energy Ltd. are among companies developing U.K. carbon-capture and storage projects that cleared a financial hurdle toward securing European funds.
2Co Energy is developing the Don Valley Power Project in Yorkshire to trap and bury emissions. The initiative passed financial and technical due diligence carried out by the European Investment Bank, Jane Paxman, a company spokeswoman, said today by phone.
Peter Whitton, managing director at Gloucestershire-based Progressive Energy, said the company's CCS project in Teesside, northern England, was also approved. Both companies said they were notified by the U.K. Department of Energy and Climate Change by e-mail this week.
The European Union decided in 2008 to use proceeds from the sale of 300 million carbon permits to encourage carbon-capture and renewable energy projects. It ordered the EIB, the lending arm of the European Union, to monetize the allowances. The Luxembourg-based bank is also appraising projects submitted by member states.
The value of allowances sold from the special reserve was 267.05 million euros ($352.7 million) at the end of January, according to an EIB report.
C.Gen, a company based in Antwerp, Belgium, confirmed by e- mail that its Killingholme carbon-capture and storage project in Yorkshire also passed. (Bloomberg)
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