OPIC Board Approves Financing for Wind Farm in Uruguay
June 14, 2013
Washington, DC - The Board of Directors of the Overseas Private Investment Corporation (OPIC) recently approved financing for a renewable energy project that will provide electricity to Uruguay.
An OPIC loan of up to $96 million will support the Melowind project, a 50 MW wind farm in northeastern Uruguay. The project helps to address the country’s periodic energy supply deficits as the Uruguayan electricity generation supply system is heavily dependent on hydroelectric plants, which in dry years can require greater reliance on expensive fossil-fuel based generation and importing of power from its neighbors. Nordex USA, Inc., based in Jonesboro, Arkansas, will supply wind turbines to the project; the project will be constructed by Juwi AG, a German developer of renewable energy projects.
“This project will help address the periodic energy supply deficits in Uruguay" said OPIC President and CEO Elizabeth Littlefield. "OPIC is committed to supporting the efforts of Uruguay as it works to better support the energy needs of its people and businesses.”
This project contributes to OPIC’s growing support for renewable resources projects in Latin America, where the OPIC Board approved $193 million in financing for Peru’s first large-scale wind project power grid in March, added to two solar projects approved in 2011 and 2012.
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 150 countries worldwide. To date, OPIC has supported more than $200 billion of investment in over 4,000 projects, generated an estimated $75 billion in U.S. exports and supported more than 277,000 American jobs. Visit www.opic.gov for more information.