OPIC provides USD 125m for renewables in El Salvador, India

Renewable energy projects in El Salvador and India will get USD 125 million (EUR 116m) in financing from the Overseas Private Investment Corp (OPIC), the US government's development finance institution said on Monday.

Total of USD 50 million will go to eight utility-scale solar projects in El Salvador that will help the country reduce its reliance on imported fossil fuels.

OPIC is also committing USD 75 million to a 100-MW photovoltaic (PV) project in the Indian state of Telangana, as announced during the 22nd session of the United Nations Framework Convention on Climate Change Conference of Parties (COP22). The project is sponsored by ReNew Power Ventures and is the first approved under a USD-250-million facility between OPIC and ReNew, announced earlier this year. The facility is intended to support the construction of up to 400 MW of solar projects in India.

In addition, OPIC will this week formally launch a USD-20-million distributed solar facility in partnership with the Indian government and philanthropies. The facility, called the US-India Clean Energy Finance program (USICEF), is expected to unlock up to USD 400 million in long-term debt financing from OPIC and private sector investors.

(USD 1.0 = EUR 0.928)

Choose your newsletter by Renewables Now. Join for free!