Africa: Contourglobal Closes Innovative Financing With OPIC and IFC for Cap Des Biches Power Project and Announces 32 Mw Extension

17 December 2015
press release
New York and Dakar, Senegal —
  • Innovative Financing Structure Sees IFC Swap 18-year $91 million OPIC USD Financing to Euros
  •  ContourGlobal and Societe Nationale d'Electricite (Senelec) Agree to rapidly add an additional 32 MW to the existing site
  •  Combined 85 MW, $165 million Cap des Biches Project Will Provide Electric Power to 100,000 Senegalese

ContourGlobal, an international power generation company, together with its partners, the Overseas Private Investment Corporation ("OPIC") and International Finance Corporation ("IFC") a member of the World Bank Group, have reached financial close and completed the first disbursement of a $91 million financing for the 53MW Cap des Biches power plant in Senegal. The project's innovative financing model brings together two leading development finance institutions, OPIC and IFC, to finance the project with an 18-year IFC swap to Euros of OPIC's $91 million US Dollar financing. The first disbursement follows the announcement of the signing of the financing agreements between the parties on November 26, 2015.

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