The US’ Overseas Private Investment Corporation (OPIC) and the Renewable Energy Performance Platform (REPP) are partnering to provide support for renewable energy projects in sub-Saharan Africa.
Under the terms of the memorandum of understanding, OPIC and REPP plan to identify projects that would be “eligible for OPIC financing at an early stage so that with REPP assistance, the projects have a higher likelihood of being financed and achieving the intended development impact”.
REPP was set up by the United Nations Environment Program and the European Investment Bank to address gaps in climate investment in developing countries.
This included the shortage of support for early stage investment opportunities and shortage of small and medium sized projects of up to 25MW.
REPP’s support includes technical assistance during the development phase, access to risk mitigation tools, access to long-term lending from REPP partners, assistance with financial structuring and results-based financial support.
OPIC renewable and clean energy programs managing director Lynn Tabernacki said: “This cooperation is intended to provide REPP participants with additional options for financing and insurance and to help identify new clean energy projects in sub-Saharan that advance OPIC’s Power Africa goals and commitment to supporting clean and renewable energy projects.”
Image: Morgue File
Partners eye sub-Saharan Africa
OPIC and REPP sign MoU to help renewables projects gain finance
By EBS