Press release: OPIC and U.S. Department of Energy Announce “Partnership to Power the Americas”
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.
Photo courtesy of Ken Teegardin.