First Reserve Corporation, a private - equity firm specializing in the energy industry obtained on Tuesday a 50 percent interest in Blue Source LLC, a greenhouse gas (ghg) emission reducing firm.
The investment by First Reserve Corporation follows the firm's recent close of its Fund XI, which raised $7.8 billion. The fund is also the largest energy-focused fund so far in the industry. However, terms of the transaction were not disclosed.
â€œAs both a financial and operational partner, the First Reserve team provides the knowledge and support to help us achieve our next phase of growth. While our ghg offset suppliers have long been able to take advantage of our aggregation model, as a leader in many facets of the energy industry, First Reserve will help us identify new offset distribution channels and carbon capture projects which create ghg offset,â€ Bill Townsend, CEO and Co-Founder of Blue Source said.
According to a statement, the joint program will lower the cost for a company to meet the emission reduction objectives and provides incentives for qualified parties to create more offsets, thereby further reducing program costs and lowering total emissions.
Blue Source will sell ghg offsets to retail and wholesale buyers who are leading the development of new products that will manage emissions risks and capture early mover advantages.