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NEW YORK, Feb. 8, 2011 /PRNewswire-AsiaNet/ —
Carbon Capture QuadGeneration Projects provide highly efficient energy and capture 95% of CO2 emissions for beverage and food producers ContourGlobal announced today that it has been awarded the Europe, Middle East and Africa Power Portfolio Deal of the Year 2011 by Euromoney’s Project Finance Magazine for the $250mm financing completed in July 2010 by its subsidiary, ContourGlobal Solutions. Representatives from ContourGlobal will accept the award on behalf of the project at the Annual Euromoney Project Finance Awards Dinner in London on 9 February 2011. The award was published today in the February 2011 issue of Euromoney Project Finance Magazine.
ContourGlobal Solutions is developing, constructing and operating combined heat and power (CHP) facilities in 13 countries including Northern Ireland, Poland, Ukraine, Russia, Romania, Czech Republic, Serbia, Slovakia, Austria and Nigeria. Most of these power plants employ ContourGlobal’s proprietary “Quad-Gen” technology that captures and purifies almost all of the carbon emissions from its already efficient CHPs thereby producing food-grade carbon dioxide for commercial use.
For its portfolio, ContourGlobal pioneered a portfolio credit facility, structured to finance ContourGlobal’s Quad-Gen plants across a highly diverse set of countries in Europe and Africa. The financing was also structured to maintain attractive leverage for all of the CHP plant assets by targeting and maximizing leverage from the U.S. Government’s Overseas Private Investment Corporation (OPIC) for CHP Plants in countries in which OPIC programs are available.
The citation accompanying the award, published in a February 2011 issue of Euromoney’s Project Finance magazine, drew attention to the project’s innovative financing and legal structure that enable financings to be implemented in countries where project finance and other credit is difficult to obtain.
ContourGlobal Solutions provides “win-win” solutions for consumer product companies such as brewers, bottlers, and beverage and snack producers, by developing innovative power plants that enable them to manufacture their products sustainably. ContourGlobal is working with Coca-Cola Hellenic Bottling Company (CCH) in 19 of their bottling facilities to provide chilled water, low-cost electricity and low-cost steam and hot water across Europe and Africa. CCH has one of the most progressive environmental sustainability programs in the beverage industry. As part of this commitment, ContourGlobal is developing and installing energy production facilities in countries which will increase the reliability and quality of all the energy consumed on site. In addition, the power plants capture 95% of all CO2 emissions, providing CCH with a nearly zero carbon production footprint.
The transaction structure combines features of both project finance and corporate finance, and is designed so that the structure can be used in all of the different jurisdictions and at a relatively low cost. Significantly, the strength of the portfolio, and the resultant blended credit profile, allows for long-term financings to occur in emerging markets that have had only minimal exposure to project finance transactions. The financing was solely underwritten by OPIC.
Joseph Brandt, President and Chief Executive Officer of ContourGlobal, stated, “We are excited by the recognition given to this ground breaking project and financing. We greatly value our partnership with OPIC and are delighted to share the award given for this innovative financing, which enables us to cost-effectively portfolio finance projects in places where credit is hard to come by such as Romania, Ukraine and Nigeria.”
About 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 http://www.contourglobal.com.
About OPIC
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. OPIC projects have also generated $72 billion in U.S. exports and supported more than 274,000 American jobs.
Visit OPIC on the web at http://www.opic.gov.
CONTACT: Lee Muller
+1-212-610-9142
Lee.Muller@ContourGlobal.com
SOURCE: ContourGlobal