09:06 | Lima, Mar. 23 (ANDINA).
US development finance group Overseas Private Investment Corporation (OPIC) has approved a $193 million loan to support a 114 MW wind power project in Peru, the first large-scale wind project linked to the country’s power grid.
Comprising two wind parks on Peru’s Northwestern Pacific coast, the project’s 62 wind turbines will provide vital energy for a nation that has enjoyed strong economic growth during the past decade but lacked the energy investment to match it.
From 2000 to 2010, electricity demand grew by more than 70 percent while installed capacity grew by only 40 percent.
When added to two 40 MW solar projects that OPIC’s Board approved in 2011 and 2012, the project puts OPIC at the vanguard of renewable power deployment in Peru.
ContourGlobal, a New York-based international power generation company with approximately 3000MW in operations in 15 countries, is the U.S. sponsor of the project. OPIC is already partnering with ContourGlobal on projects in Nigeria, Togo and eastern Europe.
"The provision of clean and reliable electricity is an essential building block of any economy," said OPIC President and CEO Elizabeth L. Littlefield.
The Board of Directors of OPIC also approved a $95 million credit facility that will help build a 50-megawatt wind power plant in southeastern Pakistan’s Ghoro-Keti Bandar Wind Corridor.
"The Board today (Thursday) affirmed OPIC’s commitment to support efforts by Pakistan and Peru to diversify their energy production to include important contributions from renewable energy sources," she added.
"The wind power projects will enable both countries to take advantage of their massive renewable energy potential to help meet unmet demand for electricity," Littlefield continued. "We are thrilled to partner with innovative U.S. companies to bring these highly-developmental projects to realization."
(END) INT/EEP
Published: 3/23/2013