ADB to develop renewable energy

Renewable energy projects in Thailand, Cambodia, Indonesia and Myanmar

Ppi July 20, 2017
A worker walks past inside the Asian Development Bank (ADB) headquarters in Manila. PHOTO: REUTERS

BANGKOK: The Asian Development Bank (ADB) has subscribed to 123 million shares worth 1,968 million Thai bhat ($57.7 million) of an initial public offering of Thailand’s B Grimm Power Public Company to develop renewable energy projects in Southeast Asia.

ADB will also administer a loan of up to $20 million from the Canadian Climate Fund under ADB’s Clean Energy Financing Partnership Facility.

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“The project will help support B Grimm in diversifying its energy production and expand to other less-developed countries,” said Jackie Surtani, Director of ADB’s Private Sector Operations Department. “In doing so, the project will help the ASEAN region in its transition to a low-carbon economy through the development of renewable energy.”

ADB’s equity investment will be earmarked towards B Grimm’s 114-megawatt solar projects and 16MW wind power projects in Thailand as well as solar, wind and other renewable energy projects in Cambodia, Indonesia and Myanmar etc.

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Published in The Express Tribune, July 20th, 2017.

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