Today, the U.S. Government, through the Overseas Private Investment Corporation (OPIC) approved up to $350 million in financing to construct a 378 MW Energía del Pacífico liquefied natural gas power generation facility in Acajutla.
The new power plant will be the largest thermal power plant in El Salvador. It will increase El Salvador’s power generating capacity by 23%, helping it meet growing demand for power and reducing dependence on diesel and heavy fuel oil.
OPIC Vice President and Director of OPIC’s Northern Triangle Initiative, Ryan Brennan, said, “Investment creates jobs and opportunity, and is one of the most effective tools to produce stability.”
Indeed, this project in Acajutla will create more than 1,500 jobs during construction and more than 80 technical and administrative jobs during the operational phase.
The Energia del Pacifico thermal power plant is a joint venture of U.S. power generation company InvEnergy and Salvadoran firm Quantum, among other private investors. The project has an estimated total investment of $877 million, making it the largest ever foreign direct investment into El Salvador.
OPIC is the U.S. Government’s development finance institution that helps American businesses invest in more than 160 countries worldwide. In a meeting with President-elect Bukele last week, OPIC leadership committed to facilitate increased investment into El Salvador with the goal of improving lives and strengthening the economy.