Asian Development Bank Creates $9 Billion Solar Power Initiative

The Asian DevelopmentBank (ADB) has announced a massive plan to spur solar power growthin Asia.

The ADB has designed the Asia Solar Energy Initiative, will infuseUS$9 billion of capital into the regional market.  ADB’s plan is tostimulate the industry quickly and generate 3,000-megawatts of solarpower in the next three years.

The Asia Solar Energy Initiative will not only provide financing, but will also offer a wide range of projects and knowledge-sharing tools to help attract commercial banks and private-sector investment. 

The Initiative will also establish and host an annual Solar Energy Forum; the forum will track developments in the solarindustry, discuss innovative methods to attract investment, and discussnew solar proposals.

Asia’s energy demand is expected to double in the next twenty years.  ADB Managing Director General Rajat Nag says solar power can be anenergy solution for the future:  "Given Central Asia’s growing demandfor electricity, the availability of desert land for large- scale solar energy development, and their stated commitment to offset high carbonemissions, several countries in the region are excellent candidates for ADB support through this initiative."

Read the full story at SustainableBusiness.com: Asian Development Bank Announces $9B Solar Energy Initiatvie

Original Article on EnergyBoom

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