The Overseas Private Investment Corporation (OPIC) has to date committed a total of $2.4 billion in the US Power Africa initiative.
These commitments include loans, guaranties and political risk insurance, across 12 utility-scale power plants, eight off-grid and small-scale renewable projects and four micro-finance and investment facilities.
Together, these commitments are expected to create 1,660MW of new generation capacity.
The power projects that OPIC supports in Africa span nine countries including Ghana, Guinea, Kenya, Nigeria, Senegal, South Africa, Tanzania, Togo and Zambia.
OPIC is one of 12 partners in the Power Africa and has been supporting the initiative since it was launched in 2013. Read more: US government agency unveils Power Africa 2.0
“This success speaks to the effectiveness of this US government partnership and the vital role of development finance in marshalling the resources of the private sector to build power plants and develop innovative solutions for bringing electricity to remote populations,” said Ray W. Washburne, OPIC CEO.
“OPIC will continue to support power projects that will improve living standards and the business climate in Africa,” Washburne added.
Power Africa to date
In total, Power Africa has supported 88 power projects in Africa that are projected to add 7,400MW of generating power.
Projects completed under Power Africa have already brought electricity to more than 50 million people.
Projects that OPIC has supported under the Power Africa initiative include:
- In Guinea, a 50MW thermal power plant will increase the country’s power supply by as much as 10% and help meet growing demand, which is expected to triple by 2027.
- In Nigeria, a project to distribute pay-as-you-go home solar kits to help reach the millions of people who are not connected to the power grid.
- In Senegal, a 53MW combined-cycle thermal power plant, and a 158MW wind power plant, which, combined, will increase the country’s installed capacity by more than 35%.
- In Uganda, two run-of-river hydropower plants.