ADB to finance Asean energy project

• 6 years ago (2018-02-26)
• David Flin

Asia 859 Wind 240

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The Asian Development Bank (ADB) has signed a loan to B.Grimm Power, one of the largest power producers in Thailand, to develop and enhance renewable energy capacity in Asean member countries.

ADB’s financing will support B.Grimm Power’s implementation of the Asean Distributed Power Project, which will expand renewable and distributed power generation into new markets in Asean countries, including Cambodia, Indonesia, Laos, Myanmar, the Philippines, and Vietnam.

The project will involve the construction and operation of distributed and utility-scale solar, wind, biomass, waste-to-energy, and gas-fired power, as well as energy storage. Michael Barrow, Director General of ADB’s Private Sector Operations Department, said: “The development of renewable energy is Southeast Asia is critical to meet its energy needs, and B.Grimm Power is at the forefront of the region’s fast-growing alternative energy sector.”

B.Grimm Power’s total distributed power generation capacity is expected to increase by over 50 per cent to 2500 MW by 2022, while renewable energy share in its portfolio will rise from 10 to 30 per cent.

ADB took a $57.7 million equity stake in B.Grimm Power as part of the company initial public offering in July 2017. ADB also administers a $20 million loan provided by the Canadian Climate Fund for the private sector in Asia under the Clean Energy Financing Partnership Facility.