OPIC Board Approves US$250 Million To Support ContourGlobal Solutions' Clean Energy Project For Bottling PlantsBy Contourglobal Opic, PRNE
Monday, April 5, 2010
Result of 2009 agreement
NEW YORK and WASHINGTON, April 6, 2010 - The Board of Directors of the Overseas Private Investment Corporation
(OPIC) today approved up to US$250 million to support ContourGlobal
Solutions' energy-efficiency project sponsored by ContourGlobal Solutions
which will enable a major Coca-Cola bottler to significantly reduce its
carbon dioxide emissions while also reducing energy consumption and costs.
The OPIC loan facility will support ContourGlobal Solutions Holdings Ltd.
and its subsidiaries' program of building and operating combined heat and
power plants (CHPs) for Coca-Cola Hellenic Bottling Company (CCH) plants,
largely in Eastern Europe and Nigeria. The CHPs supply electricity, steam,
hot water, chilled water and food-grade CO2 to CCH beverage bottling
facilities for the bottling process.
The energy efficiency of the CHPs can be as high as 90 percent, compared
to 35-40 percent for conventional gas-fired simple cycle power plants.
Moreover, ContourGlobal's QuadGen(TM) process incorporates carbon capture
technology to remove 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.
"Supporting clean technology that reduces the fuel and energy required
for energy production is a top priority for OPIC, and is exemplified by this
innovative project, which will also support economic development in a number
of emerging markets," said OPIC Acting President Dr. Lawrence Spinelli. "We
are pleased to work with ContourGlobal on a project with so many
"Producing sustainably is a key challenge for the consumer goods industry.
We are very grateful to OPIC for their continued support which
enables us to bring cutting edge technology and projects to the world's least
developed countries," said Joseph C. Brandt, President & Chief Executive
Officer of ContourGlobal. "This expansive project is the natural outgrowth of
our partnership agreement with OPIC signed last October to work together on
innovative projects in Africa and Eastern Europe."
ContourGlobal Solutions Holdings Ltd. is a wholly owned subsidiary of
ContourGlobal. ContourGlobal is 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 active
development in a diverse set of markets including the United States, the
European Union, Brazil, Colombia, Togo, Rwanda, Nigeria and Ukraine. The
Company develops and operates electric and combined heat and power businesses
around the world for both governments and multinational companies.
ContourGlobal focuses both upon high-growth, under-served markets and
innovative niches within developed markets - such as renewable energy and
Combined Heat and Power.
OPIC has already provided financing and political risk insurance to a
subsidiary of ContourGlobal for a 100-megawatt power plant in Togo, which is
helping the country overcome an electricity shortage - one of the largest
power projects in West Africa in 25 years. Earlier this year, OPIC's
financing for ContourGlobal's Togo project was awarded "African Private Power
Deal of the Year" by Euromoney's Project Finance Magazine.
On October 6, 2009, OPIC entered into a memorandum of understanding with
ContourGlobal to provide financing and political risk insurance to support
power projects in emerging markets, including highly energy-efficient
facilities which substantially reduce carbon dioxide emissions.
Coca-Cola Hellenic Bottling Company is one of the largest bottling, sales
and distribution companies of Coca-Cola brands. The project supports CCH's
efforts to reduce energy consumption and costs, and lower carbon emissions
throughout its operations.
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. Over the agency's 38-year history, OPIC has supported US$188
billion worth of investments that have helped developing countries to
generate over 830,000 host-country jobs. OPIC projects have also generated
US$72 billion in U.S. exports and supported more than 273,000 American jobs.
Visit OPIC on the web at www.opic.gov
Visit ContourGlobal on the web at www.contourglobal.com
Timothy Harwood at OPIC, +1-202-336-8744 or Lee Muller at ContourGlobal, +1-212-610-9142
Tags: Africa, April 6, Contourglobal; Opic, District of Columbia, Europe, India, Middle East, New York, New York And Washington