ContourGlobal announced yesterday it had signed a US$146 million non-recourse financing agreement with the Overseas Private Investment Corporation (OPIC) for the construction it's 100 MW power plant in Lome, Togo.
The company said the ContourGlobal's Togo project will be the first substantial foreign investment in Togo in over a decade and will be one of the most significant investments in the West African power sector in over twenty years.
The project involves the design, construction, and operation of a new 100 MW thermal power plant, which will produce approximately 780 gigawatt hours of electricity annually and will help the West African nation overcome an electricity shortage that has resulted in rolling blackouts and inhibited its economic growth, said the company in a statement.
It further stated that the project is located within a region that is desperately seeking less expensive and more reliable sources of power adding that the plant will also add a substantial source of clean, reliable, and low-priced electricity and provide diversity to the region's sources of power generation.
The project is scheduled to begin construction in January 2009 and is expected to be operational in December 2009.
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