OPIC Board of Directors Approves $400 Million in Financing and Political Risk Insurance for Wind Power Project in Ukraine
December 14, 2017
(OPIC)
WASHINGTON - The Board of Directors of the
Overseas Private Investment Corporation (OPIC)
today approved financing and political risk
insurance to support construction of a wind
farm in Ukraine that will significantly
increase the country’s power generation
capacity and bolster energy security.
OPIC, the U.S. Government’s development
finance institution, approved up to $150
million in financing along with up to $250
million in political risk insurance and
reinsurance to EuroCape Ukraine I, LLC, to
support construction and operation of the first
225 MW phase of a planned 500 MW wind farm. By
increasing Ukraine’s wind generation capacity
by 40 percent, the project will strengthen
energy security in Ukraine. The country
currently depends on imports for about 40
percent of its total energy needs and is
vulnerable to supply disruptions from its
foreign suppliers. GE will supply and install
62 wind turbines for the project and provide
long-term operations and maintenance services.
“This project will mobilize private capital
to advance development in a region that is
critical to American foreign policy,” said
Ray W. Washburne, OPIC President and Chief
Executive Officer. “It illustrates OPIC’s
effectiveness in supporting major
infrastructure projects.”
Read the President's Report to
the Board
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