OPIC has already provided financing and political risk insurance to ContourGlobal for a 100MW power plant in Togo.
According to the memorandum of understanding (MOU), signed at the Corporate Council on Africa’s biannual US-Africa Business Summit, ContourGlobal and OPIC will build upon their productive work together and intend to continue to cooperate and work together to support additional developmental power projects in emerging countries around the world.
OPIC intends to provide political risk insurance and financing to ContourGlobal for ‘tri-generation’ plants – combining heat, power and chilled-water generation – and ‘quad-generation’ facilities which also capture carbon dioxide emissions for commercial and industrial uses.
Both types of energy facilities are energy-efficient and result in the substantial reduction of carbon dioxide emissions. The latest of the cooperative projects is a cogeneration plant near Lagos, Nigeria, for which OPIC will provide ContourGlobal insurance, said the companies.
Joseph Brandt, president & CEO of ContourGlobal, said: “Our partnership with OPIC has been a critical factor to our success in bringing innovative power projects to underserved areas such as Africa. We appreciate their dedication and professionalism and are delighted to deepen our cooperation with them as we build out our new projects in the region.”
ContourGlobal develops and operates electric and combined heat and power businesses for both governments and multinational companies. The Company consists of eleven businesses in operation and construction on four continents with approximately 1,000MW of generating capacity and a pipeline of new development business totaling 10,000MW.
