ADB eyeing $1-B Philippine renewable energy fund


Posted at Jun 23 2010 05:07 PM | Updated as of Jun 24 2010 06:13 AM

MANILA, Philippines - The Asian Development Bank (ADB) is planning to invest in a $1 billion fund to finance energy efficiency and renewable energy projects in the Philippines, an oil importing country, a bank official said on Wednesday.

The projects may involve hydropower, wind, solar and wave energy over a five-year period, Sohail Hasnie, principal energy specialist for Southeast Asia at the Manila-based ADB, told reporters.

"We have worked with your government and agencies and we are looking at financing up to $1 billion with our co-financing partners for the Philippines on its energy efficiency and renewable energy programmes," Hasnie said.

He did not identify ADB's partners.

"We are waiting for the new government/administration for us to engage and align our priorities with their priorities."

The winner of last month's presidential election, Senator Benigno Aquino III, will take over on June 30 when President Gloria Macapagal Arroyo steps down after nine years in office.

Hasnie said the ADB has discussed a 100-megawatt solar power project with the government, but did not give more details.

The Philippines had secured $125 million from the Clean Technology Fund, a facility administered by the World Bank and other multilateral institutions to support climate change mitigation.