The company’s power plant in Togo was distinguished by the American financial institution OPIC.
ContourGlobal’s project for construction of a 100 megawatt thermal power plant in Togo won the Impact Award for Critical Infrastructure of OPIC (Overseas Private Investment Corporation). The prize was delivered to the company during an official ceremony at the U.S. Chamber of Commerce in Washington on March 11. OPIC selected eight winners in six categories among companies that have worked with the institution to advance development impact in emerging economies.
The power plant near the capital of Togo was completed in 2010. Its construction was supported by OPIC financing and political risk insurance. The project was one of the largest investments ever made in the Republic of Togo and it succeeded in tripling the country’s energy generation capacity and significantly reducing rolling blackouts.
During the Impact Awards ceremony, ContourGlobal President and CEO Joe Brandt described how the challenges of building a major power plant in one of the world’s least developed countries extended far beyond the plant itself. “How do you build a power plant in a place that doesn’t have any roads leading to the power plant site? How do you build bridges that can support the weight of the engines as they come off the port?” he said.
“Not only has the plant provided a reliable source of power to one of the world’s least developed countries that had one of the lowest per capita rates of electricity consumption in the world, but by doing so, it builds a longterm framework for economic activity and growth and stability in the country,” said Caroline Atkinson, Deputy National Security Advisor for International Economic Affairs, who presented the award.
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to provide investors with financing, guarantees, political risk insurance, and support for private equity investment funds. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported more than $200 billion of investment in over 4,000 projects.