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As part of its ongoing Pacific Renewable Energy Program, the Asian Development Bank (ADB) approved a financial services agreement of up to $100 million to provide financing support, including loans, guarantees, and letters of credit, for power projects in Pacific island countries to overcome private sector investment constraints
in renewable energy.
The Pacific Renewable Energy Program will support five separate renewable energy projects
in ADB's Pacific developing member countries over a five-year period.
ADB's Pacific Department (PARD) and Private Sector Operations Department (PSOD) will work together to implement the plan, the
bank said in a statement.
PARD Director-General Carmela Locsin said the plan will help build much-needed capacity
for energy sector expansion and private sector interest in clean energy projects in the region.
She added: "The goal is to implement more renewable energy projects
in the Pacific by working with power companies to finalize deals at an early stage.
”
As the region shifts from fossil fuels to clean energy, private sector investment is critical
to scaling up renewable energy generation, ADB said.
However, private sector investment is constrained by the lack of government credit support for power companies' payment obligations; At the same time, development is hampered
by the lack of purchasable power purchase agreements, uncertainty over the availability of foreign exchange, convertibility and perceptible political risks.
The program aims to promote private sector development in Pacific island countries and, over time, reduce utility companies' reliance
on grants and subsidies.
Recently, the Asian Development Bank, together with Southeast Asian governments and leading development financiers, launched the ASEAN (Association of Southeast Asian Nations) Catalytic Green Finance Facility, which aims to mobilize more than US$1 billion in green infrastructure investment in
Southeast Asia.
The initiative is expected to provide loans and technical assistance for sovereign green infrastructure projects such as sustainable transport, clean energy and resilient water systems
.
It also aims to accelerate private capital participation
by reducing risk through innovative financing structures.
As part of its ongoing Pacific Renewable Energy Program, the Asian Development Bank (ADB) approved a financial services agreement of up to $100 million to provide financing support, including loans, guarantees, and letters of credit, for power projects in Pacific island countries to overcome private sector investment constraints
in renewable energy.
The Pacific Renewable Energy Program will support five separate renewable energy projects
in ADB's Pacific developing member countries over a five-year period.
ADB's Pacific Department (PARD) and Private Sector Operations Department (PSOD) will work together to implement the plan, the
bank said in a statement.
PARD Director-General Carmela Locsin said the plan will help build much-needed capacity
for energy sector expansion and private sector interest in clean energy projects in the region.
She added: "The goal is to implement more renewable energy projects
in the Pacific by working with power companies to finalize deals at an early stage.
”
As the region shifts from fossil fuels to clean energy, private sector investment is critical
to scaling up renewable energy generation, ADB said.
However, private sector investment is constrained by the lack of government credit support for power companies' payment obligations; At the same time, development is hampered
by the lack of purchasable power purchase agreements, uncertainty over the availability of foreign exchange, convertibility and perceptible political risks.
The program aims to promote private sector development in Pacific island countries and, over time, reduce utility companies' reliance
on grants and subsidies.
Recently, the Asian Development Bank, together with Southeast Asian governments and leading development financiers, launched the ASEAN (Association of Southeast Asian Nations) Catalytic Green Finance Facility, which aims to mobilize more than US$1 billion in green infrastructure investment in
Southeast Asia.
The initiative is expected to provide loans and technical assistance for sovereign green infrastructure projects such as sustainable transport, clean energy and resilient water systems
.
It also aims to accelerate private capital participation
by reducing risk through innovative financing structures.
