CANCUN, Mexico, Dec. 6, 2010 /PRNewswire/ -- Elizabeth Littlefield, President and CEO of the U.S. Overseas Private Investment Corporation (OPIC), announced today that OPIC will provide at least $300 million in financing for new private equity investment funds that could ultimately invest more than $1 billion in renewable resources projects in emerging markets. The announcement was made at the United Nations Climate Change Conference.
OPIC's mobilization of these funds represents one of the largest initiatives by the U.S. Government to support the international effort to mitigate climate change.
"When President Obama and global leaders negotiated the Copenhagen Accord in December 2009, they included a financial commitment to help developing countries reduce their greenhouse gas emissions and adapt to the effects of climate change. OPIC-supported investment funds represent an important and innovative step toward the realization of that goal," Ms. Littlefield said.
OPIC will issue a "Global Renewable Resources Call for Proposals" for private fund managers investing in a wide variety of businesses promoting renewable energy and the sustainable utilization of natural resources such as energy, water, and land.
Specifically, the funds will accelerate investment in renewable energy, including solar, wind, hydro, tidal, geothermal power as well as waste and biomass. Investments in agriculture, land, and water may include efficient irrigation, cold storage, transportation, water treatment, sustainable forestry, natural resource preservation, and forest rehabilitation. OPIC will also place particular emphasis on the efficient utilization of natural resources via investments in energy efficiency products, systems and equipment, emissions control, and waste management.
The call for proposals will open for submissions on December 15, and remain open until mid-February. Information about the call may be obtained on the OPIC website, www.opic.gov, on December 15.
Visit OPIC on the web at www.opic.gov.
OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.
OPIC's political risk insurance and financing help U.S. businesses of all sizes invest in more than 150 emerging markets and developing nations worldwide. OPIC projects are projected to generate $74 billion in U.S. exports and support more than 275,000 American jobs.
For further information, contact: Timothy Harwood (202) 336-8744