Renewable Energy Sector Project - Additional Financing (ADB-49450-005)

Countries
  • Cook Islands
Where the impacts of the investment may be experienced.
Specific Location
Cook Islands
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Development Bank (ADB)
  • Green Climate Fund (GCF)
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
B
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
Oct 30, 2017
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
Government of Cook Islands
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.
Project Cost (USD)
$ 12.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ ADB website

Updated in EWS Dec 15, 2017

Disclosed by Bank Nov 2, 2017


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Project Description
The proposed second additional financing will leverage battery storage to facilitate expansion of solar PV-based generation systems in Rarotonga, thereby helping reduce fossil fuel consumption and enhance the level of energy security on the island. The additional GCF grant, with the additional contribution from the government of $1.71 million, will increase the overall project investment from the current $29.85 million to $43.56 million. The Project has two outputs: (i) two-phased construction of solar photovoltaic (PV) power and/or energy storage systems on Mangaia, Mitiaro, Mauke and Atiu (Phase 1), Rarotonga and Aitutaki (Phase 2); and (ii) to provide institutional strengthening to the Cook Islands Renewable Energy Development Division (REDD). The Phase 1 subprojects will install a total of 1,246 kW of solar PV systems with battery storage. The systems at Mitiaro and Mauke will include new high speed diesel generators whilst the more modern existing diesel power stations on Mangaia and Atiu will be retained. The upgrade of the electricity distribution system is also included for all but the Atiu subproject. The Phase 2 subprojects include the installation of an additional 1,000 kW solar PV system on Aitutaki together with a new 300 kW high speed diesel and battery storage. On Rarotonga, it is the initial installation of a 1 MW, 4 MWh Battery Energy Storage System (BESS) to be complemented by a second stage of additional battery storage (R-ESS-2) with a capacity of 3 MW / 12 MWh.
Investment Description
  • Asian Development Bank (ADB)
  • Green Climate Fund (GCF)
Funded by Green Climate Fund
Contact Information
Ministry of Finance & Economic Management PO box 120 Cook Islands 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