Asian Development Bank launches $9 bn solar energy initiative ($2.25B for 3000 MW by 2012)

[jpak]

http://www.livemint.com/2010/05/03155957/ADB-launches-9-bn-solar-energ.html

The Asian Development Bank (ADB) on Monday launched an ambitious project it hopes will attract $6.75 billion of private investment into solar energy projects in the region over the next three years.

The Manila-based multinational lender, which unveiled the initiative at its annual meeting in the Uzbek capital Tashkent, said it would provide an additional $2.25 billion to support a project to generate 3,000 megawatts of solar power by 2012.

Though small in scale, the initiative will mark an important step toward meeting a larger portion of Asia’s growing energy demand with clean energy, ADB officials said.

The bank did not specify target regions, but said Central Asia’s growing electricity demand, as well as its abundant desert and commitments to offset high carbon emissions, made the area a strong candidate for investment.

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