MEDIA RELEASE PR36385
ContourGlobal and OPIC Sign Agreement to Partner in Energy Projects
NEW YORK, Oct. 5 /PRNewswire-AsiaNet/ --
ContourGlobal and The Overseas Private Investment Corporation (OPIC)
announced today an agreement whereby the two organizations will partner in
supporting power projects in emerging markets, including 'tri-generation' and
'quad-generation' facilities which help to reduce carbon dioxide emissions.
OPIC has already provided financing and political risk insurance to
ContourGlobal for a 100-megawatt power plant in Togo which is helping the
country overcome an electricity shortage - the largest power project in West
Africa in 25 years.
According to the memorandum of understanding (MOU), signed at the
Corporate Council on Africa's biannual U.S.-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 clean energy facilities are highly 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.
Joseph C. Brandt, President & Chief Executive Officer 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."
"Innovative and environmentally-responsible energy projects such as the
kind developed by ContourGlobal will be critical to the growth of economies
in emerging markets worldwide," said OPIC Acting President Dr. Lawrence
Spinelli. "We are pleased to expand OPIC's already-successful partnership
with ContourGlobal, and look forward to the realization of a number of
projects which will benefit developing countries and their populations."
ContourGlobal develops and operates electric and combined heat and power
businesses around the world for both governments and multinational companies.
The Company focuses both upon high-growth, under-served markets and
innovative niches within developed markets such as renewable energy and
Combined Heat and Power (CHP). The Company consists of eleven businesses in
operation and construction on four continents with approximately 1,000 MW of
generating capacity and an active pipeline of new development business
totaling 10,000 MW.
Reservoir Capital Group is a privately held investment firm with
approximately $4 billion under management and is ContourGlobal's controlling
shareholder.
The Overseas Private Investment Corporation, established as an agency of
the U.S. government in 1971, 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. 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.
SOURCE: ContourGlobal
CONTACT: Lee Muller for ContourGlobal,
+1-212-610-9142
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