ADB Annual Meeting Launches Three-Gigawatt Solar Energy Initiative

3 May 2010: The Asian Development Bank (ADB) announced a solar energy initiative to generate 3,000 megawatts of solar power over the next three years, with plans to invest US$2.25 billion and the potential to leverage an additional US$6.75 billion in co-financing.

At the 43rd Annual Meeting, held in Tashkent, Uzbekistan, from 1-4 May 2010, the Asia Solar Energy Initiative (ASEI) was launched with the objective to fund projects and knowledge-sharing mechanisms to attract commercial banks and the private sector to invest in these projects. In addition to direct financing, ASEI will set a target of raising US$500 million from donor countries to "buy down" the high up-front capital costs of investing in solar energy, as well as to design other innovative ways to attract private sector investment.

ASEI will also establish and host the Solar Energy Forum, an international knowledge-sharing platform that will track solar development projects, discuss new solar power proposals and incentive mechanisms, and organize conferences, including the first Solar Energy Forum, which is scheduled for 5-6 July 2010, in Manila, Philippines. [ADB Press Release]