London, October 26, 2011 — BNY Mellon, the global leader in investment management and investment services, has been appointed by ContourGlobal, as corporate trustee for the loan financing of its $142 million KivuWatt lakebed methane-to-power plant in Rwanda. ContourGlobal develops, acquires and operates electric-power and district-heating resources around the world and this financing is the largest single private investment in Rwanda's history, and its first project financing initiative.
BNY Mellon will act as facility agent, offshore account bank and security trustee for the project, which is being financed by the Emerging Africa Infrastructure Fund, Netherlands Development Finance Company (FMO), the African Development Bank, and Belgian Investment Company for Developing Countries NV/SA (BIO).
The project will remove and process otherwise hazardous methane gas trapped in the waters of Lake Kivu for use as fuel to generate critically needed electricity for sale to Rwanda's Energy, Water and Sanitation Authority (EWSA). EWSA is the national power utility of Rwanda, where the vast majority of the population does not currently have access to electricity.
"We are delighted to have the BNY Mellon team involved in the transaction and for their important contributions to the closing and ongoing administration of the financing"said, William Barry, Vice President of Business Development, ContourGlobal. "Their experience of dealing with complex documentation and numerous interested parties helped ensure that everything was successfully completed within a tight timescale."
Michael Adams, managing director of BNY Mellon Corporate Trust said: "BNY Mellon serves as an impartial link between borrowers and lenders in infrastructure projects. Our independence and objectivity has been a major factor in winning mandates in a field where lenders to projects have traditionally also performed the facility agent role."
"The KivuWatt project financing is one of the most innovative in the history of electricity generation and we are pleased to have been part of this process and the benefits it will bring the people of Rwanda."
ContourGlobal is a New York based international power company with 3,250 MW in operations or under construction in 20 countries. With over 1,500 people on four continents, ContourGlobal develops and operates electric power generation facilities powered by natural gas, hydro, wind, solar, biomass, coal and fuel oil. The Company focuses upon high-growth, under-served markets and innovative niches within developed markets. In 2011, the turnover of the group will be approximately $900 million USD. For more information, visit http://www.contourglobal.com
BNY Mellon Corporate Trust services $11.8 trillion in outstanding debt from 61 locations in 20 countries. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and to develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.
Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.9 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available at www.bnymellon.com and through Twitter@bnymellon.
This press release is issued by The Bank of New York Mellon to members of the financial press and media. All information and figures source BNY Mellon International unless otherwise stated as at September 30, 2011. The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818. Branch office: One Canada Square, London E14 5AL. Authorised and regulated in the UK by the Financial Services Authority.