Finance | OPIC Says Renewable Energy Drives Its Expanding Africa Portfolio

LAGOS, Nigeria, Capital Markets in Africa — Renewable energy projects and small off-grid plants will drive growth of its African investment portfolio, according to MD for Africa Peter Ballinger of Overseas Private Investment Corporation (OPIC), USA. OPIC experiencing fastest growth in Africa; region received as much as $1.6b in energy, $1.2b non-energy investment in 2015.

“We are seeing an increase in smaller renewable projects both grid connected and non-grid connected  and we are seeing a lot of investors working with communities to develop off-grid, mini-grid to provide hydropower, solar, wind directly to consumers”, the Managing Director, said.

Furthermore, he hinted that OPIC also keen on port, rail development, housing projects, agribusiness, education and could take part in pipeline infrastructure development in East Africa. However, he raised concerned over disputes, disagreements among countries as possible risks.