Indonesia’s President Inaugurates OPIC Supported 75MW Wind Farm
July 2, 2018
SULAWESI, INDONESIA – At a ribbon cutting ceremony, President of Indonesia Joko Widodo, today inaugurated the country’s first wind power project in Sulawesi, Indonesia. The project, supported by $120 million of financing from the Overseas Private Investment Corporation (OPIC) in collaboration with Sumitomo Mitsui Banking Corporation (SMBC), and built by US developer UPC, will provide 75MW of installed generating capacity and support the country's clean energy goals.
“With the financing of this wind farm, we are improving the lives of local communities by providing reliable, clean power,” said OPIC President and Chief Executive Officer Ray W. Washburne. “OPIC is proud to be able to bring a new form of energy generation to the people of Indonesia at competitive price.”
Indonesia's power generation capacity is struggling to meet its growing electricity demand and this problem is aggravated on the island of Sulawesi. The 75MW wind farm is diversifying country’s generation mix with a clean source of power and is contributing to the Government of Indonesia’s energy goals of increasing renewable energy from six percent of the generation mix in 2014 to 23 percent by 2025.
In 2017, the project received a "Smart Project" citation for Best Practices from Project Finance International. The recognition highlights successfully structured and executed infrastructure projects in the Asia-Pacific region.
Since 1974, OPIC has committed $2.35 billion in finance and insurance across 116 projects in Indonesia. OPIC’s portfolio of active projects in the country covers a range of sectors, from healthcare to financial services.
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity investment fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.