Disclosed herein is a system comprising an absorber; the absorber permitting contact between a flue gas stream that comprises carbon dioxide and a solvent to produce a carbon dioxide rich solvent; a regenerator disposed downstream of the absorber; the regenerator being operative to dissociate the carbon dioxide from the solvent; and a compression system disposed downstream of the regenerator comprising a plurality of compression stages; where each compression stage comprises a compressor that is operative to pressurize the carbon dioxide that is dissociated from the solvent; and where at least some of the compression stages comprise a knockout tank disposed upstream of the compressor and an intercooling heat exchanger disposed downstream of the compressor; where the knockout tank is operative to remove liquid present in the carbon dioxide and where the intercooling heat exchanger is operative to remove heat generated during the pressurizing of the carbon.