Pacific Renewable Energy Investment Facility (formerly Pacific Renewable Energy Investment Program) (ADB-49450-001)

Regions
  • East Asia and Pacific
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 24, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Regional
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 6.20 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ ADB website

Updated in EWS Oct 21, 2017

Disclosed by Bank Jan 4, 2017


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Project Description
According to ADB website, Pacific Small Island Developing States (SIDS) are heavily dependent on diesel for power generation , which has resulted in high electricity tariffs. The average supply cost for electricity across the Pacific is $0.47/kilo-watt hour (kWh), which is high by international standards . However this increases significantly for the smaller, more isolated SIDS where the high cost of electricity is negatively impacting economic growth. Over reliance on imported fuel also depletes limited foreign reserves and exposes the SIDS economies to diesel price spikes. The investment program will target seven of the smaller Pacific SIDS with a combined population of around 500,000. All targeted SIDS have populations less than 200,000, with four less than 55,000.
Investment Description
  • Asian Development Bank (ADB)
Contact Information
Project Officer: Maxwell, Anthony Pacific Department No contact information provided at the time of disclosure. ACCOUNTABILITY MECHANISM OF ADB The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main