ContourGlobal Receives US$37.8 Million in Insurance From OPIC for Combined Heat and Power Plants in Nigeria
By Contourglobal, PRNETuesday, October 12, 2010
LAGOS, Nigeria, October 14, 2010 - ContourGlobal announced today that it will receive US$37.8 million in
political risk insurance from the Overseas Private Investment Corporation
(OPIC), to support the company's construction and operations of three
Combined Heat and Power (CHP) generation plants for Nigeria Bottling Company
(NBC), an affiliate of Coca-Cola Hellenic Bottling Company, S.A (CCH). The
construction, which is being carried out by ContourGlobal Solutions, Nigeria,
a subsidiary of ContourGlobal, will enable NBC to significantly reduce its
energy consumption, carbon dioxide emissions all while reducing production
costs in the West African country.
The projects supported by the OPIC political risk facility are, a 4
megawatt CHP plant in Ikeja, a 1.2 megawatt plant in Apapa, and a 3.6
megawatt plant in Benin (Nigeria), all of which will provide power, heat,
steam, and, in the case of Benin, food-grade CO2 to NBC's beverage bottling
facilities. The energy efficiency from CHP can be as high as 90 percent,
compared to 35-40 percent for conventional gas-fired simple cycle power
plants. Moreover, ContourGlobal's QuadGen process incorporates carbon capture
technology to remove, capture and purify approximately 95 percent of the CO2
from the CHP's flue gas. The purified CO2 is then used by the bottler and
other customers requiring food grade CO2.
The project is the latest initiative in an ongoing partnership between
ContourGlobal and OPIC. In October 2009, the two concluded a memorandum of
understanding by which OPIC agreed to provide ContourGlobal with financing
and political risk insurance to support power projects in emerging markets,
including highly energy-efficient facilities which substantially reduce
carbon dioxide emissions.
In April, OPIC's Board of Directors approved up to US$250 million to
support ContourGlobal's program of building and operating CHP plants for CCH
bottlers, largely in Eastern Europe and Nigeria. The loan agreement was
signed in August of this year.
"We are very pleased to have broken ground on these highly innovative
facilities and we look forward to working with OPIC as we continue our power
development activities in Nigeria for CCH-NBC and other customers," said
Stephane Loosen, Managing Director of ContourGlobal Solutions, Nigeria. "We
are proud to partner with OPIC on this transaction, an organization that has
high standards and strong commitment to clean energy."
OPIC President and CEO Elizabeth Littlefield, said, "Supporting energy
efficiency is a top priority for OPIC, and is exemplified by this innovative
project, which will also support local economic development in Nigeria."
About ContourGlobal
CG Solutions is a wholly owned subsidiary of ContourGlobal, a power and
energy operating and development company headquartered in New York, with
approximately 900 employees worldwide and over 1,300 MW of capacity in
operation, under construction, or in late stage development. ContourGlobal
operates in a diverse set of markets including the United States, the
European Union, Brazil, Colombia, Togo, Rwanda, Nigeria and Ukraine.
ContourGlobal develops and operates electric and combined heat and power
businesses for both governments and multinational companies, and focuses on
high-growth, under-served markets as well as innovative niches within
developed markets - such as renewable energy and Combined Heat and Power.
Visit ContourGlobal on the web at www.contourglobal.com
About OPIC
OPIC was established as an agency of the U.S. government in 1971. It
helps U.S. businesses invest overseas, fosters economic development in new
and emerging markets, complements the private sector in managing risks
associated with foreign direct investment, and supports U.S. foreign policy.
Because OPIC charges market-based fees for its products, it operates on a
self-sustaining basis at no net cost to taxpayers.
OPIC's political risk insurance and financing help U.S. businesses of all
sizes invest in more than 150 emerging markets and developing nations
worldwide. OPIC projects have also generated US$72 billion in U.S. exports
and supported more than 274,000 American jobs.
Visit OPIC on the web at www.opic.gov.
Stephane Loosen, ContourGlobal, (234)-(1)-280-6723
Tags: Africa, ContourGlobal, Europe, Lagos, Nigeria, October 14