ContourGlobal, the American company, which is extracting methane gas from Lake Kivu to be transformed into electricity, has been awarded the 2011 Africa Power Deal of the Year by Euromoney’s Project Finance magazine.
The firm got the award announced February 14 for innovative financing arrangement it obtained from various sources for the KivuWatt project.
This award recognizes the groundbreaking nature of the KivuWatt for being able to acquire some $142million recently. The magazine said the innovative financing will enable a safe, low cost, and environmentally friendly source of power generation.
“We are grateful for this recognition of our innovative and path-breaking KivuWatt project and are delighted to share this award with our finance and legal partners without whom this much needed project would not have been realized,” said Joseph Brandt, President and Chief Executive Officer of ContourGlobal, in a statement from New York.
“We look forward to bringing Phase I of KivuWatt into operation later this year.”
The KivuWatt lending group includes the Emerging Africa Infrastructure Fund (EAIF), Netherlands Development Finance Company (FMO), the African Development Bank, and Belgian Investment Company for Developing Countries NV/SA (BIO).
This latest award represents the third consecutive African Power Deal of the Year prize for ContourGlobal.