OPIC Board of Directors Approves New Financing Commitments
December 11, 2014
(OPIC)
WASHINGTON, D.C. – The Board of Directors of
the Overseas Private Investment Corporation
(OPIC) today held a quarterly meeting
considering new projects for approval. OPIC is
the U.S. Government’s Development Finance
Institution, and through financing, insurance
and support to private equity investment funds,
helps the U.S. private sector confidently
expand to emerging markets for positive
development impact.
Today, the OPIC Board approved support for the
following projects:
Up to $233 million in financing to support
construction and operation of the 100 megawatt
Kipeto wind power project in Kajiado County in
Southern Kenya. This source of renewable power
would make a significant contribution to the
installed energy capacity in Kenya, where up to
80% of the population currently lacks
electricity access.
Up to $42 million in financing to support
the India 2020 Fund II, a private equity fund
sponsored by Lighthouse Funds, LLC that would
focus on investments in the Indian consumer,
healthcare, and education sectors. In India’s
growing economy, long-term growth capital to
support middle market companies is still
difficult to come by, and OPIC’s support to
India 2020 Fund II would help address this
challenge, while advancing entrepreneurship and
job growth.
"These first board approvals of the 2015 fiscal
year demonstrate OPIC’s broad approach to
supporting private sector development in
emerging markets,” said Elizabeth Littlefield,
OPIC’s President and CEO. “Whether supporting
inclusive growth of South Asian business or
addressing the acute need for energy access in
Africa, OPIC is helping investors realize the
investment opportunity inherent in sustainable
economic development overseas."
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