Business Achievement: Finance

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Overseas Private Investment Corp. (OPIC), the U.S. federal government’s development finance institution, for committing a record $1.2 billion in financing and insurance during fiscal year 2014 to support a series of ambitious renewable energy projects in developing countries. Examples of OPIC-approved support for projects includes $25 million to SunEdison for a 50 MW solar project in Jordan, $3 million to Simpa Energy to expand a network of innovative rooftop home solar paid via mobile phone in India, $43 million to the BMR Jamaica 34 MW wind project that helps to set a model for Caribbean islands to transition from fuel oil, and several game-changing solar projects in Chile. One of the Chilean projects includes $230 million in OPIC financing to Arizona-Based First Solar, for its 141 MW Luz del Norte plant, which will be the largest solar project in Latin America once complete and was supported in part through OPIC’s first-ever Green Guaranties, U.S. government guaranties which adhere to the Green Bond Principles of 2014.