|AIG Launches $300 Million Clean Energy Intiative with OPIC|
|OPIC BOARD APPROVES $300 MILLION LENDING FACILITY FOR ENERGY EFFICIENCY PROJECTS |
Collaboration with U.S. Department of Energy and leading insurance company supports Bush Administration's Clean Energy Goals
WASHINGTON, D.C. - Increasing U.S. government support for international efforts to reduce greenhouse gas emissions, the board of directors of the Overseas Private Investment Corporation (OPIC) approved $210 million in OPIC guarantees for a $300 million lending facility to support energy efficiency and clean energy projects worldwide.
AIG Global Marine and Energy, an operating division of American International Group, Inc. (AIG) and AIG Global Investment Group, the asset management subsidiary of AIG, a leading international insurance company, will use the OPIC investment guaranty to establish a $300 million 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 U.S. 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," U.S. Secretary of Energy Samuel W. Bodman said. "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," OPIC President and CEO Robert Mosbacher, Jr. said. "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."
AIG President and CEO Martin J. Sullivan noted, "We are pleased to cooperate with OPIC and the Department of Energy on this exciting new initiative that promotes energy efficiency. AIG is a leader in providing market-based solutions that address some of the most critical environmental issues around the world. This is a unique business opportunity and we see it as yet another way that AIG is making an impact on increasing energy efficiency and reducing greenhouse gas emissions."
Submissions under this program should be directed to:
Senior Vice President
AIG Global Marine& Energy
175 Water Street, 29th Floor
New York, NY. 10038
Phone: 212 458-5994
DOE 's Office of Policy and International Affairs promotes collaboration between the private sector and all relevant federal agencies, as well as DOE's own technology programs, in order to increase the uptake of clean energy technologies in the global market. For more information on DOE's international programs and opportunities, see www.pi.energy.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. Over the agency's 35-year history, OPIC has supported $164 billion worth of investments that have helped developing countries to generate more than 732,000 host-country jobs and $13 billion in host-government revenues. OPIC projects have also generated $69 billion in U.S. exports and supported more than 264,000 American jobs.