21 January 2005
U.S. Supports Reconstruction of Hydropower Facility in Kosovo
$5.5 million OPIC loan issued to reconstruct Kozhner hydropower facility
A hydropower facility in Kosovo partially destroyed during the civil conflict
of the 1990s will be reconstructed thanks to a loan from the U.S. Overseas
Private Investment Corporation (OPIC).
The $5.5 million OPIC loan will fund reconstruction of the 8.3 megawatt
Kozhner hydropower facility in the western Decan region of Kosovo, OPIC announced
January 18.
"Rehabilitation of the Kozhner hydropower facility not only demonstrates
the progress made by Kosovo since the civil conflict of the 1990s, it delivers
vital energy to ordinary Kosovars and should thereby stimulate other local
economic development," said Peter Watson, OPIC president and CEO.
Following is an OPIC press release:
(begin text)
Overseas Private Investment Corporation
Washington, D.C.
January 18, 2005
U.S. SMALL BUSINESS USES OPIC LOAN TO RECONSTRUCT HYDROPOWER FACILITY IN
KOSOVO
WASHINGTON, D.C. - A U.S. small business will use a loan from the Overseas
Private Investment Corporation (OPIC) to reconstruct a hydropower facility
in Kosovo that was partially destroyed during the civil conflict of the 1990s,
OPIC President and CEO Dr. Peter Watson announced today.
Triangle General Contractors of Brooklyn, NY, will use a $5.5 million OPIC
loan to reconstruct the 8.3 megawatt Kozhner hydropower facility in the western
Decan region of Kosovo. Triangle won an international bid to reconstruct
the Kozhner facility, as well as transmission lines linked to interconnection
facilities near the project site. The plant will operated under a power purchase
agreement with the utility provider in Kosovo, Korporata Energjetike e Kosoves.
The Kozhner power plant, located two hours outside of Pristina, began operations
in 1957. The plant continued in operation until 1999 when it was partially
destroyed in the civil war. Once operations were abandoned due to imminent
threat, the plant was looted of key equipment. The facility has been idle
ever since.
"Rehabilitation of the Kozhner hydropower facility not only demonstrates
the progress made by Kosovo since the civil conflict of the 1990s, it delivers
vital energy to ordinary Kosovars and should thereby stimulate other local
economic development," Dr. Watson said. "OPIC is pleased to work
with a U.S. small business on such an important infrastructure project for
Kosovo."
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 33-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.
(end text)
(Distributed by the Bureau of International Information Programs, U.S. Department
of State. Web site: http://usinfo.state.gov)
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