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Back You are here: Home Politics Funding & Incentives OPIC approves over $300 million in renewables financing for developing regions

Funding & Incentives

OPIC approves over $300 million in renewables financing for developing regions

The Overseas Private Investment Corporation, a United States development finance institution, is investing further in Latin America, Southeast Asia and the sub-Saharan Africa for renewable energy projects.

The corporation will be providing $125 million for TPG Alternative & Renewable Technologies Partners and $50 million to GEF Africa Growth Fund. The two are new investment funds that will bring the latest renewable energy technologies to emerging markets in Latin America, Southeast Asia and Sub-Saharan Africa.

Separately, around $185 million in financing will be going to the development of solar power capacity in Peru. OPIC will fund the construction of two 20-megawatt solar power plants that will produce nearly 100 million kilowatt-hours of electricity annually.

Conduit Capital Partners, a private equity investment firm, will construct and operate the two plants, Tacna and Panamericana, which will be located in Peru’s rural south.

This is OPIC’s second major solar project in Peru. They also provided financing for the construction of two other 20-MW solar power plants in the country’s Arequipa region (See related story).

OPIC is the United States Government’s development finance institute, mobilizing private capital to help solve development challenges and advance U.S. foreign policy. To date, OPIC has supported more than $200 billion of investment in over 4,000 projects, generated an estimated $75 billion in U.S. exports and supported more than 276,000 American jobs, the agency said. – EcoSeed Staff 



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