OPIC Partners Pay Back: ContourGlobal
Latest in an ongoing series. Read about other OPIC partners who have repaid their loans in full here.
New York-based ContourGlobal, which used OPIC financing to support the construction and operation of combined heat and power (CHP) plants in a number of developing countries including Nigeria and Ukraine, recently joined the long list of OPIC partners who have repaid their loans in full.
With a $104 million OPIC loan, ContourGlobal funded the completion of 7 CHP plants that supply electricity, thermal energy, and carbon dioxide to beverage bottling facilities in 5 countries. These plants are reducing the fuel and energy required for energy production in developing countries by providing different forms of energy from a single source of generation. Excess electricity generated from the CHP plants are being sold to national grids where market conditions permit.
The project has a positive impact on the U.S. economy through the procurement of engineering services from the U.S. headquarters of the global engineering firm Cummins, USA, as well as the procurement of legal and consulting services from various U.S. firms.
By working with clients such as ContourGlobal who have strong business plans and are able to repay their loans, OPIC is able to consistently generate money from the projects it supports. In 2016 alone, 44 OPIC partners made their final loan repayment, representing a total of more than $1 billion repaid over the life of these loans. This allows OPIC to operate on a self-sustaining basis and consistently return money to the U.S. Treasury. Over the last 10 years, the Agency has generated $3.7 billion in deficit reduction.