ADB to aid Asia unleash solar potential

The Forum is to serve as a platform to develop know-how and capabilities to enable solar to be a large scale power source in the future. The Forum will also serve as a knowledge sharing and communication platform for sector stakeholders in order to facilitate technology and business models exchange that the ADB sees as a vital need to accelerate and expand the use of solar energy in Asia. Financing mechanisms that need to be developed will also be discussed at the Forum.

"The technical assistance will promote the use of solar energy around the region resulting in more inclusive, low-carbon growth," said Naoki Sakai, senior climate change specialist in ADB’s South Asia Department.President of the ADB, Haruhiko Kuroda stated at the Asia Clean Energy Forum 2010 in the Philippines, "This initiative aims to raise financing for the development of 3,000 megawatts of solar power projects by 2012." This initative is to bring solar power in ADB’s developing member countries by mid-2013.

The technical assistance will support the development and operations of the forum for the first two years as an independent nonprofit organization, involving ADB, developing member governments, the private sector, research agencies, civil society groups, donors and other development partners. A meeting in Tokyo to discuss specific measures to overcome barriers for solar photovoltaic, concentrated solar power and rooftop solar power projects, as well as off-grid and mini-grid projects using batteries which synergize electric vehicle development will be funded. This will include examining mechanisms which address high project and capital cost risks, to make them bankable.