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Wednesday, 13 January 2016 10:30

ADB to fund $4 bln for energy in 2016

The Asian Development Bank (ADB) will create $4 billion in financial support for energy projects in 2016, the Bank's technical adviser for energy said on Monday, Caspian Energy News (www.caspianenergy.net) reports with reference to Anadolu Agency.

"At least $2 billion of that amount will be devoted to clean energy projects. We are very active in all development of member countries in East, Southeast, Central, West and South Asia and the Pacific region. In particular, China, India, Indonesia, Pakistan, Bangladesh, Vietnam are among the major borrowers of ADB loans," Yongping Zhai told Anadolu Agency.

Zhai explained that ADB's lending in the energy sector is expected to reach $6 billion annually by 2020, of which at least $3 billion will be in the form of clean energy such as renewable energy and energy efficiency.

"The other $3 billion will be mostly invested in power transmission and distribution, including smart grid technologies which will help to expand energy access, integrate intermittent renewable energy into the grid and promote demand-side efficiency," Zhai stated and added that energy storage systems will be applied in renewable energy based on micro grid projects in islands or remote areas.

He explained that projects in China, India, Pakistan, and Indonesia tend to be bigger given that the size of the projects involved.

Zhai said that ADB's energy sector loans are open to Turkish companies as well.

"As an ADB member country, Turkish companies are eligible to participate in procurement and consultancy for all ADB funded projects. Turkish companies can check ADB's business opportunities. For Turkish consulting companies, we welcome them to attend the Business Opportunity Fair held on March 16-17 2016 inPhilippines," Zhai concluded.

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