OPIC Board of Directors Approves $400 Million in Financing and Political Risk Insurance for Wind Power Project in Ukraine
December 14, 2017
(OPIC)
WASHINGTON - The Board of Directors of the Overseas Private Investment
Corporation (OPIC) today approved financing and political risk insurance to
support construction of a wind farm in Ukraine that will significantly increase
the country’s power generation capacity and bolster energy security.
OPIC, the U.S. Government’s development finance institution, approved up to
$150 million in financing along with up to $250 million in political risk
insurance and reinsurance to EuroCape Ukraine I, LLC, to support construction
and operation of the first 225 MW phase of a planned 500 MW wind farm. By
increasing Ukraine’s wind generation capacity by 40 percent, the project will
strengthen energy security in Ukraine. The country currently depends on imports
for about 40 percent of its total energy needs and is vulnerable to supply
disruptions from its foreign suppliers. GE will supply and install 62 wind
turbines for the project and provide long-term operations and maintenance
services.
“This project will mobilize private capital to advance development in a region
that is critical to American foreign policy,” said Ray W. Washburne, OPIC
President and Chief Executive Officer. “It illustrates OPIC’s effectiveness
in supporting major infrastructure projects.”
Read the President's Report to the Board
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