OPIC Provides $37.8 Million in Insurance to ContourGlobal for Power Generation at Bottling Plants in Nigeria
Thursday, October 14, 2010
WASHINGTON, D.C. – The Overseas Private Investment Corporation (OPIC) announced today that it will provide $37.8 million in political risk insurance to support ContourGlobal’s construction and operations of three Combined Heat and Power generation (CHP) plants for Nigeria Bottling Company’s (NBC) facilities in Nigeria. The construction will enable NBC to both significantly reduce its carbon dioxide emissions and recycle CO2 for other uses while also reducing energy consumption and costs. NBC is an affiliate of Coca-Cola Hellenic Bottling Company, S.A (CCH).
The OPIC insurance will support ContourGlobal’s construction of a 4 megawatt CHP plant in Ikeja, a 1.2 MW plant in Apapa, and a 3.6 MW plant in Benin (Nigeria), all of which will provide power, heat, steam, and, in the case of Benin, food-grade CO2 to NBC’s beverage bottling facilities.
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. ContourGlobal’s QuadGen process incorporates carbon capture technology to remove, capture and purify 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.
The project is the latest initiative in an ongoing partnership between OPIC and ContourGlobal. In October 2009 OPIC and ContourGlobal concluded a memorandum of understanding by which OPIC agreed to provide ContourGlobal with financing and political risk insurance to support power projects in emerging markets, specifically energy-efficient facilities which substantially reduce carbon dioxide emissions.
In April, OPIC’s Board of Directors approved up to $250 million in financing to support ContourGlobal’s plan to provide CHP plants for CCH bottlers in Nigeria and Eastern Europe.
“Supporting energy efficiency is a top priority for OPIC, and is exemplified by this innovative project, which will also support local economic development in Nigeria,” said OPIC President and CEO Elizabeth Littlefield.
“We are very pleased to have broken ground on these highly innovative facilities and we look forward to working with OPIC as we continue our power development activities in Nigeria for CCH-NBC and other customers,” said Stephane Loosen, Managing Director of ContourGlobal Solutions, Nigeria. “We are proud to partner with OPIC on this transaction, an organization that has high standards and strong commitment to clean energy.”
CG Solutions is a wholly owned subsidiary of ContourGlobal, 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 late stage development. ContourGlobal operates in a diverse set of markets including the United States, the European Union, Brazil, Colombia, Togo, Rwanda, Nigeria and Ukraine.
ContourGlobal develops and operates electric and combined heat and power businesses for both governments and multinational companies, and focuses on high-growth, under-served markets as well as innovative niches within developed markets – such as renewable energy and Combined Heat and Power.
Visit ContourGlobal on the web at www.contourglobal.com
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.