The Asian Development Bank (ADB) has approved a new Pacific Renewable Energy Investment Facility which will finance a series of renewable energy projects and sector reforms in the smallest 11 Pacific island countries consisting of the Cook Islands, the Federated States of Micronesia, Kiribati, Nauru, Palau, the Republic of Marshall Islands, Samoa, the Solomon Islands, Tonga, Tuvalu, and Vanuatu.
The target countries face similar development challenges including small populations, limited resources, remoteness, and vulnerability to natural disasters.
The facility will support the target countries to transform their diesel-based power systems to sustainable renewable energy generation sources. The facility includes cumulative ADB financing of up to $200 million. ADB will also be sourcing additional cofinancing to support the facility which will streamline ADB internal procedures to enhance its ability to process small-value projects in the target small countries faster with lower transaction costs.
Ref: https://newshour.online/2017/06/26/new-facility-boost-energy-security-clean-energy-pacific/
