• 1 day Shell Oil Trading Head Steps Down After 29 Years
  • 2 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 2 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 2 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 2 days Venezuela Officially In Default
  • 2 days Iran Prepares To Export LNG To Boost Trade Relations
  • 2 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 2 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 2 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 3 days Rosneft Announces Completion Of World’s Longest Well
  • 3 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 3 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 3 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 3 days Santos Admits It Rejected $7.2B Takeover Bid
  • 3 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 3 days Africa’s Richest Woman Fired From Sonangol
  • 4 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 4 days Russian Hackers Target British Energy Industry
  • 4 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 4 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 4 days Lower Oil Prices Benefit European Refiners
  • 4 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 5 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 5 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 5 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 5 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 5 days OPEC To Recruit New Members To Fight Market Imbalance
  • 5 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 5 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 5 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 6 days GE Considers Selling Baker Hughes Assets
  • 6 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 6 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 6 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 6 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 6 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 8 days The Oil Rig Drilling 10 Miles Under The Sea
  • 9 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 9 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 9 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
Alt Text

Solar Costs Are Dropping Much Faster Than Expected

The U.S. Department of Energy…

Alt Text

Is The U.S. Solar Boom In Jeopardy?

The Trump administration is weighing…

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

ADB Launches $9 Billion Plan for Solar Energy in Asia

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




Back to homepage


Leave a comment

Leave a comment




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