The board of directors of the Overseas Private Investment Corp. (OPIC), the U.S. government's development finance institution, has approved a total of $288 million in financing for two wind projects that will deliver electricity to Pakistan and Peru.
A $95 million OPIC credit facility will help build a 50 MW wind project in southeastern Pakistan's Ghoro-Keti Bandar Wind Corridor. The Sapphire Wind Power project will use GE turbines, and will support a goal to diversify Pakistan's power generation. A recent study funded by the National Renewable Energy Laboratory and the U.S. Agency for International Development estimates that Pakistan possesses 132 GW of potential installed wind power capacity.
In addition, a $193 million OPIC loan will 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 has lacked the energy investment to match it. From 2000 to 2010, electricity demand grew by more than 70%, while installed capacity grew by only 40%.
When added to two 40 MW solar projects that OPIC's board approved in 2011 and 2012, the wind project puts OPIC at the vanguard of renewable energy deployment in Peru. ContourGlobal, a New York-based international power generation company with approximately 3 GW of projects in operation in 15 countries, is the U.S. sponsor of the project.