OPIC Board of Directors Approves New Financing Commitments
December 11, 2014
(OPIC)
WASHINGTON, D.C. – The Board of Directors of the Overseas Private Investment
Corporation (OPIC) today held a quarterly meeting considering new projects for
approval. OPIC is the U.S. Government’s Development Finance Institution, and
through financing, insurance and support to private equity investment funds,
helps the U.S. private sector confidently expand to emerging markets for
positive development impact.
Today, the OPIC Board approved support for the following projects:
Up to $233 million in financing to support construction and operation of the
100 megawatt Kipeto wind power project in Kajiado County in Southern Kenya. This
source of renewable power would make a significant contribution to the installed
energy capacity in Kenya, where up to 80% of the population currently lacks
electricity access.
Up to $42 million in financing to support the India 2020 Fund II, a private
equity fund sponsored by Lighthouse Funds, LLC that would focus on investments
in the Indian consumer, healthcare, and education sectors. In India’s growing
economy, long-term growth capital to support middle market companies is still
difficult to come by, and OPIC’s support to India 2020 Fund II would help
address this challenge, while advancing entrepreneurship and job growth.
"These first board approvals of the 2015 fiscal year demonstrate OPIC’s broad
approach to supporting private sector development in emerging markets,” said
Elizabeth Littlefield, OPIC’s President and CEO. “Whether supporting inclusive
growth of South Asian business or addressing the acute need for energy access in
Africa, OPIC is helping investors realize the investment opportunity inherent in
sustainable economic development overseas."
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