The Overseas Private Investment Corporation (OPIC) approved $895 million to finance seven projects, including plans to expand access to energy, that will advance development in Africa, Asia and Latin America.
OPIC is the U.S. Government’s development finance institution. Its current projects include the Northern Triangle, a project in Central America which aims to catalyse $1 billion in private sector investments. To date, more than $650 million have been invested, including $49.5 million committed to financing solar power in El Salvador, and $135 million for geothermal power in Honduras.
In June of this year, at the World Gas Conference, OPIC had also announced a “Partnership to Power the Americas” with the U.S. Department of Energy. This project aims to develop energy resources, drive energy and economic security, and strengthen energy reserves, no focus is given, however, to renewable energy.
Latin America is “a strong area of focus” for OPIC, making up almost a quarter of OPIC’s $23.2 billion global portfolio.