OPIC Board Approves Financing for Wind Projects in Pakistan & Peru
March 21, 2013
(OPIC)
WASHINGTON, D.C. – The Board of Directors of
the Overseas Private Investment Corporation
(OPIC) today approved a total of $288 million
in financing for two wind power projects poised
to deliver much-needed electricity to Pakistan
and Peru.
“The provision of clean and reliable
electricity is an essential building block of
any economy,” said OPIC President and CEO
Elizabeth L. Littlefield. “The Board today
affirmed OPIC’s commitment to support efforts
by Pakistan and Peru to diversify their energy
production to include important contributions
from renewable energy sources.”
“The wind power projects will enable both
countries to take advantage of their massive
renewable energy potential to help meet unmet
demand for electricity,” Ms. Littlefield
continued. “We are thrilled to partner with
innovative U.S. companies to bring these
highly-developmental projects to realization.”
Pakistan
A $95 million OPIC credit facility will help
build a 50-megawatt wind power plant in
southeastern Pakistan’s Ghoro-Keti Bandar Wind
Corridor designed to generate 133 gigawatt
hours of emission-free electricity annually.
Using General Electric Wind turbines, the
Sapphire Wind Power plant supports a mutual
U.S.-Pakistan goal to diversify Pakistan’s
power generation beyond reliance on high-priced
fuel oil by tapping Pakistan’s vast renewable
energy potential. A recent study funded by the
National Renewable Energy Laboratory and the
U.S. Agency for International Development
estimates that Pakistan possesses 132,000 MW of
potential installed wind capacity – virtually
equal to the world’s entire installed wind
capacity for 2010.
Peru
A $193 million OPIC loan will support a 114 MW
wind power project in Peru, the first
large-scale wind project linked to the
country’s power grid. Comprising two wind parks
on Peru’s Northwestern Pacific coast, the
project’s 62 wind turbines will provide vital
energy for a nation that has enjoyed strong
economic growth during the past decade but
lacked the energy investment to match it: from
2000 to 2010, electricity demand grew by more
than 70 percent while installed capacity grew
by only 40 percent. When added to two 40 MW
solar projects that OPIC’s Board approved in
2011 and 2012, the project puts OPIC at the
vanguard of renewable power deployment in Peru.
ContourGlobal, a New York-based international
power generation company with approximately
3000MW in operations in 15 countries, is the
U.S. sponsor of the project. OPIC is already
partnering with ContourGlobal on projects in
Nigeria, Togo and eastern Europe.
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