• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 14 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 13 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 14 hours The Quick Read On MBS's Tour of Pakistan, India And China
  • 12 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 14 hours Iran Starts Gulf War Games, To Test Submarine-Launched Missiles
  • 15 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 13 hours BMW to add 2,000 more jobs at Dingolfing plant
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 1 day Itt looks like natural gas may be at its lowest price ever.
  • 16 hours Saudi A to Splash $100 Bln on India
  • 9 hours Washington Eyes Crackdown On OPEC
  • 11 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 1 day NEW FERUKA REFINERY
Alt Text

China Plans To Build Space Solar Station

Chinese scientists have published plans…

Darrell Delamaide

Darrell Delamaide

Darrell Delamaide is a writer, editor and journalist with more than 30 years' experience. He is the author of three books and has written for…

More Info

Trending Discussions

ADB Launches $9 Billion Plan for Solar Energy in Asia

The Asian Development Bank launched a $9 billion solar power initiative to develop projects generating 3,000 megawatts by 2012.

The announcement, which came at the regional lending agency’s annual meeting in Tashkent, Uzbekistan, said that Central Asian countries would be prime candidates for siting the projects.

“Given Central Asia’s growing demand for electricity, the availability of desert land for large- scale solar energy development, and their stated commitment to offset high carbon emissions, several countries in the region are excellent candidates for ADB support through this initiative,” ADB managing director general Rajat Nag said.

The development bank will provide $2.25 billion in direct financing, expecting to leverage another $6.75 billion in private financing for the projects. It will experiment with other methods to attract private-sector investment, such as soliciting $500 million from donor countries to “buy down” some of the up-front capital costs in solar power projects.

“With energy demand projected to almost double in the Asia and Pacific region by 2030, there is an urgent need for innovative ways to generate power while at the same time reducing greenhouse gas emissions,” Nag said. “Sustainable solar energy can be the clean power of the future if there are appropriate incentive and financing mechanisms in place.”

The initiative also includes a Solar Energy Forum to function as a knowledge-sharing platform. This forum will hold a conference in July in Manila, the headquarters of the ADB.

Separately, the ADB said it would provide $70 million for a 73-megawatt solar power plant in central Thailand, which would be one of the largest solar photovoltaic projects in the world. The project is being mounted by a joint venture that includes Mitsubishi of Japan.

“This private sector undertaking should demonstrate clearly to other investors the viability of investing in solar projects if the right financing structure including carbon credits is in place,” Joe Yamagata, deputy director general in ADB’s Private Sector Operations Department, said in a statement.

Solar power investment in North America and Europe was hit by the financial crisis, leading the industry to hope for Asia to boost its spending on this form of renewable energy.

By. Darrell Delamaide for Oilprice.com




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News