OPIC has another record-setting year for renewable resources
This week, OPIC announced that its commitments to renewable resources projects rose 41 percent in Fiscal Year 2012, which ended September 30, to set a new record of $1.55 billion.
The news follows last year’s record setting pace, and as the graphic shows, marks a sharp and steady increase in OPIC’s support for projects in clean energy and sustainable agriculture in developing countries. OPIC, which continues to support projects in wind, solar, geothermal, hydropower, biomass and other sustainable sources of energy, is also increasingly focused on sustainable agriculture, clean water and other renewable resources projects. These initiatives will help address food insecurity, which is one of the major challenges facing the developing world. About one in eight people in the world today are undernourished and the vast majority of them live in developing countries.
OPIC’s support for renewable resources in 2012 includes political risk insurance for two projects in Ghana, which will help modernize the agricultural sector and rehabilitate its water purification systems, financing for the construction of two solar power plants in Peru and financing for Pakistan’s first grid-connected independent biomass project.
These projects build on OPIC’s work in recent years, including political risk insurance to support the reconstruction of a flour mill in Haiti that was destroyed in the 2010 earthquake, financing for the expansion of a geothermal power plant in Kenya and biomass and solar projects in India.