ADB Funds Energy Efficiency Lighting in the Philippines
2 February 2009: The Asian Development Bank (ADB) approved a US$31.1 million loan for an energy-efficiency project in the Philippines that will provide 13 million energy-saving compact fluorescent lamps (CFL) to homeowners and businesses as part of a government push to save about US$100 million every year in fuel costs, and a deferral of an investment of US$450 million in power generation and associated network capacity.
Each CFL is expected to save customers 400 pesos (approximately US$8.50) each year for the next 7 to 10 years. The project will also retrofit government office buildings and public lighting systems with other efficient lighting options and establish an energy service company (ESCO) that will provide financial and technical support to companies planning to reduce energy consumption. [ADB Press Release]