The Renewable Energy Performance Platform (Repp) and the US development finance institution Overseas Private Investment Corporation (Opic) have inked a memorandum of understanding that supports the development of renewable-energy projects in sub-Saharan Africa.
The parties would jointly identify potential projects that would be eligible for Opic financing and Repp assistance to maximise a project’s chances of reaching financial close.
“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 Africa that advance Opic’s Power Africa goals and commitment to supporting clean and renewable-energy projects,” explained Opic renewable and clean energy programmes MD Lynn Tabernacki.
Support provided by Repp, developed by the United Nations Environment Programme and the European Investment Bank, included 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.