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.”
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets.
