OPIC Surpasses Power Africa Financing Milestone, Sparking Progress for New Energy Generation and Access
November 9, 2015
(OPIC)
U.S. Development Finance Institution commits
over $1.6 billion to Presidential initiative,
surpassing initial pledge
OPIC-supported projects will create nearly
1,500 new megawatts from both thermal and
renewable energy, large grid-connected
facilities and innovative off-grid access
efforts
WASHINGTON – The Overseas Private Investment
Corporation (OPIC), the U.S. Government’s
Development Finance Institution, today
announced its successful achievement of the
initial financing and insurance goals pledged
to support President Obama’s Power Africa
initiative.
Power Africa, launched in June 2013, is a
partnership among more than 100 public and
private sector partners to bring new power
access to the more than 600 million Sub-Saharan
Africans that currently live without
electricity. As a key part of this initiative,
OPIC pledged to provide $1.5 billion in
financing and insurance to private sector
energy developers to create new energy
solutions across sub-Saharan Africa.
In September of 2015, OPIC surpassed this
milestone with the approval of several new
projects, and now supports a diverse portfolio
of private sector-led development that will
create almost 1,500 new megawatts (MWs) of
on-grid and off-grid power across Sub-Saharan
Africa in support of the Presidential
initiative.
“I am so pleased that OPIC has been able to so
quickly and efficiently respond to President
Obama’s ambitious Power Africa goals and to the
energy needs of people throughout sub-Saharan
Africa,” said Elizabeth Littlefield, OPIC’s
President and CEO. “Since Power Africa was
announced, OPIC’s catalytic debt finance and
political risk insurance has resulted in Agency
commitments totaling nearly 1,500 new megawatts
of electricity using an all-of-the above
approach to generation and access. This is a
major achievement not only for OPIC and Power
Africa, but for the millions of Africans
benefitting from this initiative. They will now
be able to access advantages in education,
healthcare, business growth and quality of life
that come with increased energy access. In the
years ahead, we look forward to further
increasing our relationships with U.S.
businesses investing in Africa’s promising
energy future.”
“OPIC is changing the investment landscape in
Africa’s energy sector, making transformative
power deals possible,” said Power Africa
Coordinator Andrew Herscowitz.
Projects included in OPIC’s African energy
portfolio span the range of responsive, unique
approaches that are needed to address Africa’s
electricity challenges. Large grid-connected
projects take advantage of Africa’s diverse and
abundant resources.
For example, in West Africa, OPIC-supported
multi-fuel power plants that can run on natural
gas or oil include the 204 MW Amandi facility
in Ghana and the 53 MW Cap des Biches facility
in Senegal. And to tap into East Africa’s
abundant wind potential, OPIC financing will
help the Kipeto and Lake Turkana wind power
facilities deliver more than 400 MWs of new
power to the Kenyan national grid.
Recognizing that the African power solution is
greater than just grid delivery, OPIC support
will also provide new access to tens of
thousands of people living away from large
power infrastructures with financing to
off-grid home solar kits from Nova-Lumos in
Nigeria.
OPIC’s current portfolio of support to power in
Sub-Saharan Africa now totals over $1.6 billion
in commitments for financing, insurance, and
support for development costs. This achievement
comes years ahead of schedule for OPIC, and the
agency is already on its way to fulfilling a
pledge for another $1 billion of financing and
insurance in support of Power Africa.
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