ContourGlobal, developer and operator of electric-power and district heating resources globally, has appointed BNY Mellon as corporate trustee for the loan financing of its $142 million KivuWatt lakebed methane-to-power plant in Rwanda. This financing is the largest single private investment in Rwandas history, and its first project financing initiative.
BNY Mellon will act as facility agent, offshore account bank and security trustee for the project SPV. Essentially it will be inter-creditor agent between the banks – Emerging Africa Infrastructure Fund, Netherlands Development Finance Company (FMO), the African Development Bank, and Belgian Investment Company for Developing Countries NV/SA (BIO) lending to the SPV.
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.
The deal is BNY Mellon Corporate Trusts first in Africa. Michael Adams, managing director, said the business has seen a steady number of project finance deals in recent years. The team has recently been internally more focused on corporate trust services for project financings as a product, whereas in the past it would have been dealt with more broadly by the team. Weve now approached it as a more specialist business the group now has three individuals focused on project financing and we are building some expertise and infrastructure so that we can better support that segment.
Other project finance deals BNY Mellon is acting as corporate trustee for include an African energy deal (closing early next year), a Pakistan wind farm (closing next month) and a regular supply of smaller social housing deals in the UK.
(JDC)