OPIC signs financing for Cap des Biches expansion

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OPIC signs financing for Cap des Biches expansion

The Board of Directors of the Overseas Private Investment Corporation (OPIC) has approved the support of the 33 MW expansion and development of the existing 52.9 megawatt combined-cycle thermal power plant located in Cap des Biches, Senegal.

More concretely, OPIC has signed up to $53 million in financing and $18.2 million in insurance to ContourGlobal Cap des Biches Senegal. 

This OPIC supported project will provide efficient and reliable electricity to the Senegalese grid by adding a total of 86 megawatt generation capacity, approximately 30 percent increase in overall functioning capacity, contributing greatly to solve the problem of electricity shortages in Senegal.

The existing plant is designed, built and operated by ContourGlobal, a US-based power projects developer. 

In early December we reported that the International Finance Corporation (IFC), a member of the World Bank Group, and the OPIC signed financing agreements for the 53 megawatt Cap des Biches power plant .

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