Centrale thermique de Lome

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In December 2008, the ContourGlobal 100 MW thermal power plant 25 year BOT project reached financial closure. The BOT project was awarded to ContourGlobal (USA) through direct negotiation by the government of Togo in late 2005. A 25-year PPA was signed with the national distribution company in May 2007. The US$196 million project was financed on a 75:25 debt-equity ratio, with the entirety of the US$143 million lending commitment coming from OPIC. ContourGlobal provided 100% of the project's US$47 million equity capital. OPIC provided also US$62 million in insurance to ContourGlobal. The construction of the 100 MW power plant began in January 2009 and was expected to conclude in December 2009. The power plant consisted of six Wärtsilä 18V50DF engines (16.6 MW each) which were capable of operating on natural gas, heavy fuel oil, and distillate diesel oil, permitting instantaneous fuel switching capability. The project was expected to run on heavy fuel oil until natural gas became available via the West Africa Gas Pipeline. The three international law firms on the deal were Shearman & Sterling, Allen & Overy, and Gide Loyrette Nouel. In June 2010, IFC acquired a 20% stake in ContourGlobal Togo.