Increasing US government support for international efforts to reduce greenhouse gas emissions, the board of directors of the Overseas Private Investment Corporation (Opic) have approved US$210mn in guarantees for a US$300mn lending facility to support energy efficiency and clean energy projects worldwide.
AIG Global Marine and Energy and AIG Global Investment Group will use the Opic investment guarantee to establish a US$300mn lending facility. Other AIG subsidiaries are also participating in the project.
Specifically, the lending facility will be available to support energy efficiency and performance upgrades to refineries, petrochemical plants, pipelines, and power generation plants, as well as renewable and alternative energy projects. With encouragement from the US Department of Energy (DOE) and support from Opic, AIG will administer the lending facility consistent with the Bush administration’s goals to support clean energy investments, reduce greenhouse emissions and ensure access to affordable, reliable, clean and efficient energy services in developing areas around the world.
“Advancing the use of clean energy technologies and furthering energy efficiency upgrades across the world are critical elements of increasing global energy security,” US secretary of energy Samuel Bodman says. “Investments made today will pay dividends in years to come in greater availability of clean energy sources such as biofuels, steady economic growth, and continued protection of our environment.”
“Incorporating environmental considerations into both ongoing energy projects and the business practices of their sponsors will directly support efforts to reduce greenhouse gas emissions,” adds Opic president and CEO Robert Mosbacher. “Working with the department of energy and an experienced company such as AIG, Opic is able to facilitate project sponsors” use of energy-efficient technology, and to promote use of renewable energy resources.”