OPIC and U.S. Department of Energy announce “Partnership to Power the Americas”
June 28, 2018
(OPIC)
U.S. government agencies announce joint
initiative for energy development in Latin
America
Focus on driving regional economic security
while promoting American expertise and
technology
WASHINGTON, DC – The Overseas Private
Investment Corporation (OPIC) and U.S.
Department of Energy today announced their
Partnership to Power the Americas, a joint
commitment between the two U.S. government
agencies to support American energy companies
investing in Latin America. The objectives are
to develop energy resources and drive regional
energy and economic security in the region,
while promoting U.S. expertise, equipment and
technology. The announcement was made at the
World Gas Conference by U.S. Department of
Energy Secretary Rick Perry and OPIC President
and CEO Ray Washburne.
OPIC, the U.S. government’s development
finance institution, announced a commitment to
mobilize $1 billion in investment in Mexico’s
energy sector over the next three years, to
help strengthen energy reserves, with expansion
throughout Latin America. In addition, the
Department of Energy will identify regions and
sectors throughout Latin America that present
opportunities for U.S. energy companies and
OPIC will assist those companies by providing
financing and insurance when it is unavailable
from the private sector. The two agencies will
work closely to meet mutual policy objectives
and reinforce best practices in the energy
sector while developing more opportunities for
U.S. energy businesses.
“This Partnership presents a great
opportunity to combine the expertise of DOE and
the resources of OPIC to identify and develop
projects that will advance North American
energy security and unleash economic growth for
our Latin American neighbors,” said Secretary
Perry.
“This new partnership with the DOE will help
establish a seamless process for bringing the
best of U.S. energy technology and expertise to
the places in Latin America where it is needed
most,” said President Washburne. “Through
Secretary Perry’s leadership, the Department
of Energy can bring U.S. energy technology to
the border and OPIC can take it beyond.”
Under this Partnership, the U.S. will work with
ally governments in Latin America to help them
meet their energy goals with the assistance of
U.S. expertise and capital. The agencies also
commit to leading by example and promoting best
practices with regard to the environment,
worker rights and human rights in all the
projects its supports and will bring those same
standards to new projects supported under this
“Partnership to Power the Americas.”
OPIC has a long history of supporting energy
development around the world through projects
that have built power plants and supported
energy development. Latin America is a strong
area of focus, encompassing almost a quarter of
OPIC’s $23.2 billion global portfolio.
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