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OPIC Surpasses Financing Milestones | Energy Access Practitioner Network

News

OPIC Surpasses Financing Milestones

Early in the month, the Overseas Private Investment Corporation (OPIC), the U.S. Government’s Development Finance Institution, announced that it had exceeded its initial $1.5 billion financing and insurance pledge in support of Power Africa. OPIC reached its milestone in September, and now supports a diverse portfolio of private sector-led development that will create almost 1,500 new megawatts (MWs) of on-grid and off-grid power across Sub-Saharan Africa. Now, with over $1.6 billion in commitments, OPIC has positively changed the investment landscape in the African power sector.

OPIC and the International Finance Corporation (IFC), a Power Africa partner and member of the World Bank Group, also signed financing agreements for the 53 megawatt Cap des Biches power plant in Senegal with project developer ContourGlobal, the Government of Senegal, and Senegal’s national electricity utility. The new and highly efficient plant will help Senegal meet a steadily increasing demand for electricity, while contributing to the country’s economic growth. This transaction represents OPIC’s first in Senegal’s power sector.