BNY Mellon selected as corporate trustee by ContourGlobal
BNY Mellon has been appointed by ContourGlobal, as corporate trustee for the loan financing of its $142m 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 said to be 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).
"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 at ContourGlobal.
"Their experience of dealing with complex documentation and numerous interested parties helped ensure that everything was successfully completed within a tight timescale," Barry said.
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."