Kivuwatt to diversify financing for methane project

Contour Global Kivuwatt Ltd is currently in negotiations with some of the World Bank’s partners such as the Multilateral Investment Guarantee Agency (MIGA), to finance the methane gas extraction project on Lake Kivu. Once complete, the project will see at least 100MW of electricity which is expected to be channeled to the national power grid and also supplied to other countries in the region. The project is being implemented in two phases, whereby works on first phase which will see generation of 25MW went underway earlier this year while the second phase of 75MW will kick off in 2012. Speaking to The New Times, Contour Global’s Country Director, Jarmo Gummerus, said that Kivuwatt has attracted attention as a very important project and many organizations have expressed interest in investing in it. “We are currently negotiating with MIGA who expressed interest as our private equity partners,” Gummerus said.Although he clarified that the project’s set dates of completion will not be affected by the negotiations, he declined to state the size of investment MIGA would be committing. According the Ministry of Infrastructure, Contour Global issued a statement confirming that the methane extraction project would be getting additional investment partners. In March, 2009, Contour Global signed an agreement worth $325 million with the government to develop an integrated gas extraction facility in L. Kivu. Ends

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Kivuwatt to diversify financing for methane project