OPIC approves $288 million wind investment

• 11 years ago (2013-03-25)
• Junior Isles

North America 1021 Renewables 776

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The US’ Overseas Private Investment Corporation (OPIC) has approved $288 million in financial support for two wind generation projects aimed at delivering greater energy security to Pakistan and Peru.

Some $193 million will go towards building a 114 MW wind farm on Peru’s Northwest Pacific coast – the first to be connected to the nation’s electricity grid.

"The wind power projects will enable both countries to take advantage of their massive renewable energy potential to help meet unmet demand for electricity," said OPIC CEO Elizabeth Littlefield. "The provision of clean and reliable electricity is an essential building block of any economy," she added.

OPIC will also provide $95 million to help finance Pakistan’s Sapphire Wind Power Project,a 50 MW plant in the Gharo-Ketti Bandar Wind Corridor, designed to generate 133 GWh a year of electricity.

This would help Pakistan diversify its power generation beyond high-priced fuel oil, with the Corridor alone possessing a potential generation capacity of over 132 000 MW, roughly equal to currently installed global wind capacity in 2010.

The Pakistani private sector has also been spurred into action with 45 wind projects totalling around 3200 MW in generation capacity in the development process, claimed Arif Allaudin, CEO of AEDB.

Mr. Arif Alauddin stated that he has been attempting to secure OPIC funding for Pakistan projects for some time, and is glad to see it realised.