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Solar
ADB lists China and India among first to benefit from $9bn solar = aid
China and India are among the =91first choice=92 countries that will = benefit from=20 solar energy developments under a $9bn financial aid initiated and = supported by=20 the Asian Development Bank (ADB), a senior official says.
Many countries in the Asia-Pacific region are geographically = well-positioned=20 to harness energy from the sun, but affordable financing mechanisms need = to be=20 made available to allow the region to tap into this infinite energy = resource.=20
Under ADB=92s maiden Asia Solar Energy Initiative (ASEI), the bank = has agreed=20 to provide $2.25bn from now until 2013, on top of a $6.75bn it is = seeking from=20 private and public investors.
The ASEI aims to help developing member countries in Asia build up = 3GW of=20 solar power by 2013.
=93We=92re looking at countries which have large amount of land that = has no=20 alternate use =96 those countries which have deserts in them such as PRC = (China),=20 India, Pakistan and Central Asia. They are the first targets,=94 says = Seethapathy=20 Chander, chair of the energy community of practice at ADB.
The ASEI seeks to make available a range of projects, and finance and = knowledge sharing mechanisms, to attract commercial banks and the = private sector=20 to invest in these projects.
New projects that will benefit from the ASEI are expected to be = announced by=20 the end of this year, according to Chander.
=93When we have a good project, a sponsor and some commercial = lending, which we=20 will catalyse together with our money, it becomes a package,=94 Chander = tells=20 Recharge.
=93(But) it=92s all in progress now. We will know by the end of this = year. It=20 takes some amount of initial upfront work in committing to a project, = but once=20 we do that then the construction period is pretty short for solar.=94 =
ADB has already pledged up to $70m to Thailand under the ASEI to = build=20 potentially the world=92s biggest 73MW solar power plant in Lopburi = Province.
The project is scheduled to start construction in the third-quarter = of this=20 year and expected to be completed in May 2012.
The $9bn aid over three years is not enough to help all the = developing member=20 countries, Chander admits.
=93If you look at the level of business being generated (in the solar = industry), it will be something in the order of $5-6bn every year. = There=92s no=20 way ADB can be the sole financier of this business,=94 Chander says. =
=93Our job is to break down the barriers and start the first few = projects in=20 each country. After that the commercial banks and institutions should = take over=20 because they will be familiar by then.=94
Developing nations such as Bangladesh and Cambodia, which have = expressed=20 interest to tap on the ADB initiative, may have to wait in the queue. =
Last year, ADB provided nearly $1.3bn for projects with clean energy=20 components, exceeding its $1bn target for the second year in a row. = Starting in=20 2013, this target will increase to $2bn a year.
Published: Friday, July 9 2010
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ADB lists China and India =
among first=20
to benefit from $9bn solar aid
July 09 10:27 =
CEST=20
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