OPIC Board Approves $250 Million to Support ContourGlobal Solutions' Clean Energy Project for Bottling Plants
Tuesday, April 06, 2010
WASHINGTON, D.C. – The Board of Directors of the Overseas Private Investment Corporation (OPIC) approved up to $250 million to support ContourGlobal Solutions’ energy-efficiency project, 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™ 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 developmental benefits.”
“Producing products 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. Visit ContourGlobal on the web at www.contourglobal.com
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.