Overseas Private Investment Corporation sanctions $288m loan for wind power generation

US-based development finance institution Overseas Private Investment Corporation (OPIC) has sanctioned $288m in funding for two wind power projects.

The proposed projects are located in Pakistan and Peru with the agency securing the approval from its board to sanction the loan.

Peru will receive $193m of the funding to be deployed for the development of a 114 MW wind power project in Peru.

Comprising two wind parks on Northwestern Pacific coast the facility will employ a combined 62 wind turbines.

Remainder of the funding will be employed by Pakistan to facilitate the construction of a 50MW wind power plant in Ghoro-Keti Bandar Wind Corridor.

The proposed project is expected to produce 133GWh of emission-free electricity per annum and will be developed by US-based power generation company ContourGlobal.

The institution has previously approved two 40MW solar projects in the country.

Commenting on the funding OPIC president and CEO Elizabeth L. Littlefield remarked that approval is a testament to the institution’s commitment towards aiding Pakistan and Peru in their efforts to diversify the energy sources.

"The provision of clean and reliable electricity is an essential building block of any economy.

"The wind power projects will enable both countries to take advantage of their massive renewable energy potential to help meet unmet demand for electricity," added Littlefield.