EEA Life Settlements Fund PCC Limited (the “Fund”) 

EEA Fund Management (Guernsey) Limited (the “Manager”) is pleased to announce the appointment of Saffery Champness Fund Services Limited (“Saffery”) as Administrator to the Fund with effect from 1 February 2016.

The appointment follows a periodic review carried out by the Manager as part of its responsibility as an active fund manager.

Established in 1855 and currently rated as one of the UK’s top 20 accountancy practices, Saffery Champness is a long established, well resourced independent provider of fiduciary, fund administration, audit and tax services in Guernsey.

Saffery delivers fund accounting, net asset valuations and corporate secretarial services to a broad range of clients.

With effect from 1 February 2016 all fund administration enquiries should be directed to Saffery Champness Fund Services Limited:

Email:  eea@saffery.gg
Telephone:  +44 1481 721374

The registered address of the Manager and the Fund will change with effect from 1 February 2016 to:

PO Box 141
La Tonnelle House
Les Banques
St Sampson
Guernsey
GY1 3HS

iCON Infrastructure, EEA and 2OC sponsor £70m CHP facility to provide green energy to major UK utilities.

Solarinvest Holding, an Austrian developer of solar power plants (“SOLARINVEST”), and TEP (Solar Holdings) Limited (“TEP Solar”), an Irish company which is 100% owned by the AIM-listed clean energy investment company Trading Emissions Plc (“TEP”), today announced the completion of an agreement for an 8.4 megawatt (“MW”) solar photovoltaic (“PV”) plant in Ragusa, Sicily, Italy (“the Project”). TEP Solar, advised by EEA Fund Management Limited, has acquired a 100% interest in the Project and will provide financing for the construction of the plant. The Project has been developed by SOLARINVEST and construction will be overseen by SOLARINVEST and TEP Solar. The transaction was closed on 17 September 2010.

The ground-mounted 8.4 MW project is fully permitted under the Autorizzazione Unica regime and will be among the largest solar PV plants in Sicily. Construction was started by an experienced EPC contractor in July 2010, using thin film modules provided by First Solar, Inc. Completion of construction and grid connection is targeted for Q4 2010, so the Project is forecast to benefit from the current 2010 feed-in tariff of EUR 0.346 per kilowatt hour.

“We are excited to have found a strong investor for our Ragusa 1 project”, says Rainer Goeritz, Managing Director of SOLARINVEST. “This is a landmark transaction for the Sicilian solar PV market.”

Norbert Gallagher, Director of TEP Solar commented, “This successful acquisition marks an important step in TEP Solar’s expansion strategy in the Italian solar PV market.” EEA Fund Management Limited acts as the exclusive investment advisor to TEP and TEP Solar.

Project financing for the Project is currently under advanced negotiations with two European banks.

Deutsche Bank acted as equity arranger in the transaction, and is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. Deutsche Bank offers unparalleled financial services throughout the world.

Wolf Theiss acted as legal advisor to SOLARINVEST and Norton Rose acted as legal advisor to TEP Solar.

About SOLARINVEST Holding GmbH

SOLARINVEST is a privately owned company based in Vienna, Austria. It was founded in 2008 by a group of professionals from the real estate and finance sector. Among its founding partners, SOLARINVEST combines over 30 years of project development/management expertise in the commercial real estate and photovoltaic sector. SOLARINVEST’s goal is to become a leading developer of solar photovoltaic and thermal power plants and a pioneer in the building-integrated photovoltaic segment.

About TEP (Solar Holdings) Limited

TEP Solar is an Irish company, formed in early 2010 to establish a solar PV platform dedicated to invest in a portfolio of projects in Europe. TEP Solar is a 100% subsidiary of TEP. The Directors are advised on all transactions by the investment adviser, EEA Fund Management.

“Statements made in this press release which are not statements of historical fact are forward-looking statements based on current expectations and are subject to uncertainties and changes in conditions. As a result, the future events described in this press release may not occur at all or vary significantly from the description set out above, and the parties disclaim any obligation to update any such forward-looking statements after the date of this release. This press release does not contain any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information contained in it. Therefore, Solarinvest and TEP Solar, their affiliates, agents, members, officers and employees disclaim liability for any damages resulting from the use of, or reliance upon, the information contained in this press release.”

Contact:
SOLARINVEST Holding GmbH
Rainer Goeritz, Managing Director
Vienna, Austria
www.solarinvest.eu
Tel: +43 664 162 1919

TEP (Solar Holdings) Limited
Norbert Gallagher, Director
Dublin, Ireland
Tel: +353 87 244 9766

EEA Fund Management Limited
Ivana Semeraro, Investment Adviser to Trading Emissions PLC
London, UK
www.eeafm.com
Tel: +44 7770 366 416

Greenergy International Ltd is pleased to announce the formation of Scarab Distributed Energy Ltd to develop novel ways of producing fuel and power from waste, including industrial food waste.

Scarab brings together a consortium of interests to build and manage multiple distributed waste and biomass processing facilities at locations around the UK. Greenergy intends to purchase all of Scarab’s fuel.

Scarab will make use of proven, commercially viable, technologies owned by consortium members. It plans to put in place the technology and facilities to be able to process any form of industrial food waste, whether sugar, starch, fat, protein or cellulose. In due course this could be expanded to include domestic food waste.

Today’s biofuels are produced either from food crops or from waste oils and animal fats, with the latter in particularly limited supply. By targeting a wide variety of currently underutilised waste streams, Scarab will extend the range of raw material feedstocks available for biofuel production and enhance Greenergy’s access to the most sustainable sources of biofuel.

Uniquely Scarab intends to adopt a decentralised approach, with processing facilities located close to the waste source and capable of being economically scaled down to match local volumes. This will cut the transport costs associated with high-volume, low-value and perishable products, as well as saving transport-related greenhouse gas emissions.

The consortium, led by Chief Executive Officer, Neil Bennett, brings together six partners: Greenergy which will purchase all fuel produced by Scarab; St1 Biofuels, a Finnish bioethanol from waste producer; EEA, an environmental investment fund manager and carbon trading business; Aquafuel offering patented technology for renewable CHP; Brocklesby with expertise in food waste handling and logistics; and Axion Consulting with specialist project management expertise in the resource recovery sector.

Scarab is planning to commence biofuel production in 2011.

Background information

Neil Bennett has 14 years experience in UK waste management & recycling sector, the majority in leadership roles with Cory Environmental, ending as Chief Operating Officer. He was part of the MBO team in the public to private sale of Cory in 2005 and the secondary sale to Infrastructure Funds in 2007 (£585m).