US based ContourGlobal has received a loan guarantee from the Multilateral Investment Guarantee Agency (MIGA) for its $142m KivuWatt project in Kibuye, Rwanda.
The project includes an integrated methane gas extraction and production facility and associated 25 MW power plant located on Lake Kivu.
The under construction combined project will remove hazardous methane gas trapped in the waters of Lake Kivu and process the gas to generate electricity for the national power utility of Rwanda.
The project is expected to commence operations next year and the barge housing the gas extraction facility will be complete in June 2011.
Finland based Wartsila is manufacturing the engines and will begin constructing the power generating station in May 2011.
KivuWatt is currently finalizing a project finance with a lending syndicate led by the African Development Bank, the Emerging Africa Infrastructure Fund, and FMO, the Dutch development bank.