By Greentech Lead America: Overseas Private Investment
Corporation (OPIC), the U.S. Government’s development finance institution,
approved $175 million in financing for two new investment funds. The funds will
help bring the latest renewable energy technologies to emerging markets in
Latin America, Southeast Asia and Sub-Saharan Africa.
“Taking the latest renewable energy technologies and
applying them to emerging markets is one of the great development challenges of
the coming years. Be it converting local biomass to high-value products,
improving energy storage, or making use of state-of-the-art building materials,
the technologies invested in by this fund will represent an important step
toward meeting that challenge,” said Elizabeth Littlefield, OPIC president
and CEO.
OPIC has approved $125 million in financing for TPG
Alternative & Renewable Technologies Partners (TPG ART) and $50 million for
the GEF Africa Growth Fund. TPG will invest in companies matching the best
renewable technologies from the United States and Europe to markets in Latin
America and Southeast Asia. TPG will also support the adoption of renewable
technologies that will have a lower environmental impact than the traditional
methods of energy generation used today.
The GEF Africa Growth Fund will invest in
environment-related energy infrastructure across Sub-Saharan Africa to improve
the efficiency of energy and agribusiness production in the region. The fund
will target investments in clean electricity generation; energy management
systems; distribution infrastructure; energy efficiency technologies and
services; and companies which promote sustainable management. The fund has a
target capitalization of $150 million.
GEF’s investments in clean and renewable forms of energy
will help offset the increased demand for fossil-fuel power generation in the
subcontinent.
“Rising energy demand and food consumption in
Sub-Saharan Africa makes the connection between renewable energy and
agribusiness critical to the subcontinent’s future. The GEF Africa Growth Fund
will make investments that accelerate the development of Africa’s energy
infrastructure, particularly in industries that can raise agribusiness output
to meet consumption needs,” Littlefield added.
OPIC to invest $185 million for solar power projects in Peru
Recently, OPIC approved $185 million in financing for the
construction of two 20-megawatt solar power plants in Peru. The initiative is
OPIC’s second major solar project in Peru within a year.
editor@greentechlead.com
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