Preparing the Pacific Renewable Energy Investment Facility (Phase 2) (ADB-49450-022)

Regions
  • East Asia and Pacific
Where the impacts of the investment may be experienced.
Countries
  • Cook Islands
  • Kiribati
  • Marshall Islands
  • Micronesia
  • Nauru
  • Palau
  • Tuvalu
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
Active
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
Jul 19, 2019
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.
Sectors
  • Energy
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 4.00 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 Aug 21, 2019

Disclosed by Bank Jul 30, 2019


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Project Description

According to the bank website, "the proposed transaction technical assistance (TA) facility will conduct required due diligence and provide project preparation and procurement support, capacity building, and policy recommendations for seven ensuing energy sector projects for approval in 2019 -2022 under the Pacific Renewable Energy Investment Facility. The facility, approved in June 2017, is designed to finance a large number of small-value renewable energy projects in the 11 smaller Pacific island countries (PIC-11). The facility will benefit the PIC-11 economies through (i) an improved balance of trade by reducing fossil fuel imports, (ii) improved energy security, (iii) downward pressure on tariffs, and (iv) and reduced greenhouse gas emissions. The facility supports the PIC-11 in transforming their power sectors from diesel to sustainable renewable energy generation sources; and supports sector reform, private sector development, and capacity building."

Investment Description
  • Asian Development Bank (ADB)

Technical Assistance Special Fund US$ 3.00 million
Strategic Climate Fund - SREP US$ 1.00 million

Contact Information

Responsible ADB Officer Cinderella Tiangco
Responsible ADB Department Pacific Department
Responsible ADB Division PAEN
Executing Agencies Asian Development Bank
6 ADB Avenue,
Mandaluyong City 1550, Philippines

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