NEW YORK, Oct. 5 /PRNewswire/ -- ContourGlobal and The Overseas Private Investment Corporation (OPIC) announced today an agreement whereby the two organizations will partner in supporting power projects in emerging markets, including 'tri-generation' 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, ContourGlobal and OPIC 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 'tri-generation' plants - combining heat, power and chilled-water generation - and 'quad-generation' facilities which also capture carbon dioxide emissions for commercial and industrial uses. Both types of clean energy facilities are highly energy-efficient and result in the substantial reduction of carbon dioxide emissions. The latest of the cooperative projects is a cogeneration plant near Lagos, Nigeria, for which OPIC will provide ContourGlobal insurance.

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."

"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."

ContourGlobal develops and operates electric and combined heat and power businesses around the world for both governments and multinational companies. The Company focuses both upon high-growth, under-served markets and innovative niches within developed markets such as renewable energy and Combined Heat and Power (CHP). The Company consists of eleven businesses in operation and construction on four continents with approximately 1,000 MW of generating capacity and an active pipeline of new development business totaling 10,000 MW.

Reservoir Capital Group is a privately held investment firm with approximately $4 billion under management and is ContourGlobal's controlling shareholder.

The Overseas Private Investment Corporation, established as an agency of the U.S. government in 1971, 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. 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.

Visit ContourGlobal online at www.contourglobal.com.

SOURCE ContourGlobal

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