IFC plans to provide a cross currency swap while OPIC will lend as much as $91 million to the project. ContourGlobal is a US-based leading power projects developer and will be designing, building, and operating the plant. The Cap des Biches is a modern, heavy fuel, oil fired thermal power plant and will allow for high efficiency levels and lower costs of power. This is all thanks to combined cycle technology.
Elizabeth Littlefield, the president and CEO of OPIC, stated about the project, “ContourGlobal and OPIC have a strong history of partnership underpinned by results, and Cap des Biches is a milestone project both for OPIC and our support to President Obama's Power Africa initiative. This is the first power sector transaction of any size for OPIC in Senegal and I look forward to its transformative effect on Senegal's infrastructure and economic growth. It's also an important step for OPIC's energy presence in West Africa, an exciting region with tremendous development opportunity.”