OPIC finances renewable projects in Asia

The Board of Directors of the Overseas Private Investment Corporation (OPIC), the US Government’s development finance institution, has recently approved OPIC support for two new private sector-led development projects totaling about US$370 million in renewables.

The board of directors’ approvals for OPIC support included:

• Up to US$120 million in financing to PT UPC Sidrap Bayu Energi, a joint venture formed by PT Binatek Energi Terbarukan, UPC Renewables Indonesia, and SunEdison, to support the development, construction, and operation of the 70 MW Sidrap wind farm in South Sulawes, Indonesia.

• Up to $250 million in senior debt financing to subsidiaries of ReNew Power Ventures Private Limited to be utilized to construct up to 400 megawatts of new solar renewable power generation in India across multiple projects.

Elizabeth Littlefield, OPIC President and CEO, commented:

“The projects approved today span the spectrum of positive impacts that OPIC’s development finance can spark. Reaching from Southeast Asia to India to Africa, and in sectors from new broadband connectivity to inclusive banking services to sparking clean energy development, these projects show both how effective OPIC can be in impact lives across the developing world.”