PRESS RELEASE: OPIC Board of Directors Approves New Financing Commitments
Friday, December 12, 2014
WASHINGTON – Dec 11, 2014–The Board of Directors of the Overseas Private Investment Corporation (OPIC) today held a quarterly meeting considering new projects for approval. OPIC is the U.S. Government’s Development Finance Institution, and through financing, insurance and support to private equity investment funds, helps the U.S. private sector confidently expand to emerging markets for positive development impact.
Today the OPIC Board approved support for the following projects:
Up to $233 million in financing to support construction and operation of the 100 megawatt Kipeto wind power project in Kajiado County in Southern Kenya. This source of renewable power would make a significant contribution to the installed energy capacity in Kenya, where up to 80% of the population currently lacks electricity access. Up to $42 million in financing to support the India 2020 Fund II, a private equity fund sponsored by Lighthouse Funds, LLC that would focus on investments in the Indian consumer, healthcare, and education sectors. In India’s growing economy, long-term growth capital to support middle market companies is still difficult to come by, and OPIC’s support to India 2020 Fund II would help address this challenge, while advancing entrepreneurship and job growth.
“These first board approvals of the 2015 fiscal year demonstrate OPIC’s broad approach to supporting private sector development in emerging markets,” said Elizabeth Littlefield, OPIC’s President and CEO. “Whether supporting inclusive growth of South Asian business or addressing the deep need for expanded energy access in Africa, OPIC is helping investors realize the inherent opportunity in positive development impact overseas.”
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.
Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide. To date, OPIC has supported more than $200 billion of investment in over 4,000 projects, supporting almost $77 billion in U.S. exports and more than 278,000 American jobs.