OPIC and U.S. Department of Energy announce “Partnership to Power the Americas”
June 28, 2018
(OPIC)
U.S. government agencies announce joint initiative for energy development in
Latin America
Focus on driving regional economic security while promoting American expertise
and technology
WASHINGTON, DC – The Overseas Private Investment Corporation (OPIC) and U.S.
Department of Energy today announced their Partnership to Power the Americas, a
joint commitment between the two U.S. government agencies to support American
energy companies investing in Latin America. The objectives are to develop
energy resources and drive regional energy and economic security in the region,
while promoting U.S. expertise, equipment and technology. The announcement was
made at the World Gas Conference by U.S. Department of Energy Secretary Rick
Perry and OPIC President and CEO Ray Washburne.
OPIC, the U.S. government’s development finance institution, announced a
commitment to mobilize $1 billion in investment in Mexico’s energy sector over
the next three years, to help strengthen energy reserves, with expansion
throughout Latin America. In addition, the Department of Energy will identify
regions and sectors throughout Latin America that present opportunities for U.S.
energy companies and OPIC will assist those companies by providing financing and
insurance when it is unavailable from the private sector. The two agencies will
work closely to meet mutual policy objectives and reinforce best practices in
the energy sector while developing more opportunities for U.S. energy
businesses.
“This Partnership presents a great opportunity to combine the expertise of DOE
and the resources of OPIC to identify and develop projects that will advance
North American energy security and unleash economic growth for our Latin
American neighbors,” said Secretary Perry.
“This new partnership with the DOE will help establish a seamless process for
bringing the best of U.S. energy technology and expertise to the places in Latin
America where it is needed most,” said President Washburne. “Through
Secretary Perry’s leadership, the Department of Energy can bring U.S. energy
technology to the border and OPIC can take it beyond.”
Under this Partnership, the U.S. will work with ally governments in Latin
America to help them meet their energy goals with the assistance of U.S.
expertise and capital. The agencies also commit to leading by example and
promoting best practices with regard to the environment, worker rights and human
rights in all the projects its supports and will bring those same standards to
new projects supported under this “Partnership to Power the Americas.”
OPIC has a long history of supporting energy development around the world
through projects that have built power plants and supported energy development.
Latin America is a strong area of focus, encompassing almost a quarter of
OPIC’s $23.2 billion global portfolio.
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