The USA based agency in charge of development finance, OPIC, has signed investment deals with two Kenya based companies, Kipeto Wind Energy Company and Twiga Goods amounting to a total of nearly $238 million. The first deal is $232 million for a 100 megawatt wind power plant in the south of Nairobi and the second agreement is $5 million in financing in the expansion of Twiga Foods’ distribution network.
U.S. has been a longstanding partner of Kenya in terms of FDI increasing its FDI stock from $73 million in 2002 to $259 million in 2012 and reaching almost $400 million in 2011 according to a data by United Nations Conference on Trade and Development (UNCTAD).
Founded in 1971, Overseas Private Investment Corporation (OPIC) is the U.S. Government’s development finance institution that offers overseas investment advisory, foreign direct investments risk management, and economic development fostering services. Headquartered in the U.S., OPIC offers political risk insurance and loans services to investors, contractors, exporters, and financial institutions.
Employing 229 employees, OPIC also provides financing services through direct loans and loan guarantees and additionally offers expropriation, political violence, terrorism, and currency inconvertibility insurance services.
About Kipeto Wind Energy Company
Headquartered in Kenya, Kipeto Wind Energy Company is a company that engages in the financing, construction, development, and operation of 1000 mega watt wind power project in Kenya.
About Twiga Foods
Founded in 2013, Twiga Foods is a company that operates a mobile-based business to business supply platform for retail outlets, kiosks, and market stalls in Africa. Headquartered in Kenya, Twiga Foods supplies bananas, pineapples, tomatoes and more.