OPIC’s board of directors approved new financing and insurance support for some projects in Africa and Asia. The projects approved for planned commitment include large-scale renewable power generation, increased lending to underserved populations to spur inclusive economic growth, and partnerships to modernize and construct stabilizing energy infrastructure in fast-emerging economies that currently lack reliable electricity.
One of the projects approved is for a solar plant in South Africa. SolarReserve, along with co-sponsor ACWQ Power will receive $400 million to help construct and operate the 100-MW Redstone concentrating solar power plant in the Northern Cape.
Standard Bank of South Africa was also one of the recipients for financing. The bank will use up to $250 million to finance power generation and infrastructure projects in OPIC-eligible countries in Sub-Saharan Africa. Another bank, BancABC garnered up to $200 million to scale up its SME loan portfolio, increase on-lending for financial inclusion products, and invest in information technology upgrades to quicken implementation of its new financial technology and mobile banking initiatives.