Original disclosure @ ADB website
Updated in EWS Feb 15, 2023
Disclosed by Bank Dec 27, 2022
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The proposed transaction technical assistance (TA) facility is aligned with ADB's Strategy 2030 operational priorities (OPs) 1, 2, 3, 4, 6 and 7 and aims to:
(i)conduct required due diligence, provide project preparation, procurement, pre-implementation support, capacity building, and policy recommendations for two ensuing climate-adapted cross-sectoral integrated energy projects for approval in 20232025 under the Pacific Renewable Energy Investment Facility (PREIF)._
(ii)provide implementation support for the ensuing projects, and for other ongoing PREIF projects, as needed and subject to funds availability.
(iii)assess the feasibility of, and, as appropriate, design a successor investment facility to replicate the PREIF's streamlined and programmatic approach, which has resulted in efficiency gains and outpaced ADB overall in project processing time and start-up compliance._This facility will be designed to align with the Asian Development Bank's (ADB) recent policy directions, including but not limited to the Energy Policy 2021, the Fragile and Conflict-Affected Situation and Small Island Developing States Approach 2021, and Paris Agreement alignment by 2025._
(iv)identify potential eligible projects for processing under the PREIF and the successor facility, if approved, to help achieve ADB's $100 billion target for financing climate change mitigation, adaptation, and resilience by 2030.
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 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. The proposed F-TRTA will prepare additional ensuing projects and support ongoing projects under the facility and will include knowledge and support and capacity building components. The proposed TA is expected to support the PREIF across the remainder of its 10-year implementation period.
ADB Team Lead
Tiangco, Cinderella C.
Project contacts not available at the time of disclosure.
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