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Press Release

Thursday, October 1, 2009

OPIC and ContourGlobal Sign Agreement to Partner in Energy Projects

WASHINGTON, D.C. – The Overseas Private Investment Corporation (OPIC) and ContourGlobal, a U.S. company which develops innovative power projects worldwide, today concluded an agreement whereby the two organizations will partner in supporting power projects in emerging markets, including ‘trigeneration’ 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, OPIC and ContourGlobal 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 ‘trigeneration’ plants – combining heat, power and chilled-water generation – and ‘quad-generation’ facilities which capture carbon dioxide emissions for commercial and industrial uses. Both types of clean energy facilities are highly energy-efficient and result in substantial reduction of carbon dioxide emissions. Latest of the cooperative projects is a cogeneration plant near Lagos, Nigeria, for which OPIC will provide ContourGlobal insurance.

ContourGlobal President & CEO Joseph C. Brandt, left, and OPIC Vice President of Insurance Rod Morris after signing a memorandum of understanding at the Corporate Council on Africa's US-Africa Business Summit.

“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.”

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.” 
 


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 39-year history, OPIC has supported $194 billion worth of investments that have helped developing countries to generate over 842,000 host-country jobs. OPIC projects have also generated $74 billion in U.S. exports and supported more than 274,000 American jobs.