U.S. agency seeks managers for global renewable energy funds

The U.S. Overseas Private Investment Corp. (OPIC) seeks proposals from private equity fund managers for the formation and management of one or more investment funds to finance the global renewable energy sector, including small hydropower. Proposals are due April 25.

OPIC, a U.S. agency that fosters U.S. business investment and economic development in new and emerging markets, said the initiative could result in up to US$500 million in financing to new equity investment funds. OPIC has engaged Dalberg Global Development Advisers to help evaluate proposals from prospective fund managers.

The agency said investments in the renewable energy sector could include solar, wind, small hydro, geothermal, and biomass energy. Investments could be in energy projects or in companies that provide products and services for the renewables sector.

OPIC said the funds could be country, regionally, or globally oriented and will invest predominantly in Asia, Eurasia, Latin America, and the Middle East-North Africa.

OPIC said it would consider providing up to US$100 million in capital to one or more selected managers for financing that would generally represent no more than 33 percent of a fund’s total capitalization. Funds considered highly developmental could receive OPIC capital up to 50 percent of total capitalization.

Proposals are to be reviewed by an evaluation committee that will invite finalists to a due diligence interview between June 11 and 13. Finalists also would receive due diligence team visits between July 7 and 18. The committee is to make recommendations to the OPIC Investment Committee and board.

Questions are to be submitted by 3 p.m. Eastern time April 17. Proposals are due by 5 p.m. Eastern time April 25 via the OPIC Internet site. For information, see the OPIC Internet site, https://www2.opic.gov/investment/proposals/global_energy_2008/register.asp, under Overview.

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