• 6 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 2 hours WTI @ $75.75, headed for $64 - 67
  • 7 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 47 mins The Dirt on Clean Electric Cars
  • 11 hours OPEC's No. 2 Producer Wants to Know How Buyers Use Its Oil
  • 5 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 13 hours Iranian Sanctions - What Are The Facts?
  • 41 mins U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 7 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 6 hours EU to Splash Billions on Battery Factories
  • 4 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 14 hours U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 14 hours Superhumans
  • 10 hours Who's Ready For The Next Contest?
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


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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