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Investors seek $8.9m MIGA insurance risk cover for Ghana biomass project

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Investors involved in the production of biomass have applied for an insurance cover totaling $8.9 million from the World Bank’s Multilateral Investment Guarantee Agency (MIGA) for a biomass project in Ghana.

According to MIGA, the project involves the establishment of a greenfield company, Takoradi Renewable Energy Limited, which will produce biomass from rubber trees in plantations for export through the Takoradi port to European markets for biomass power generation.

It named the investors as the Africa Renewables Group of Belgium, Africa Renewables Limited of UK, Mr. Jean-Francois Guillon of France and Mr. David Billon of Côte d’Ivoire.

“The investors have applied for MIGA guarantees totaling $8.9 million for a period of up to 10 years against the risks of transfer restriction, expropriation, and war and civil disturbance,” said MIGA.

MIGA’s Board was expected to meet on the project March 22, 2012 for approval but no conclusion has been announced.

By Ekow Quandzie

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