20 September 2006 — First Reserve Corp., a private-equity firm that specializes in the energy industry, announced that it has acquired a 50 percent interest in Blue Source, LLC, a US aggregator of greenhouse gas (GHG) emission reduction offsets. Terms of the transaction were not disclosed.
Blue Source’s offset portfolio allows counter-parties such as energy products companies, electric utilities, cement manufacturers and other companies with significant carbon footprints to meet regulatory obligations and voluntary commitments to reduce CO2 emissions under the various protocols in place and under development within the United States.
First Reserve said investing in a GHG aggregator fits well with its portfolio of energy industry investments.
“The Blue Source team has put together an impressive bank of greenhouse gas offsets, which gives the company a leading position in this growing market. We are looking forward to working with this team as the ghg emission market develops into what is likely to be an enormous global opportunity,” said Glenn Payne, First Reserve Vice President.
In addition to developing GHG emission offsets, Blue Source will be developing CO2 capture and sequestration projects.