Manila, Philippines:
The Asian Development Bank's (ADB) Board of Directors has approved investment in a 73-megawatt solar power plant in central Thailand. The plant, likely to be one of the largest solar photovoltaic projects in the world, will be central to Thailand's efforts to generate much more of its energy from domestic, renewable sources. ADB will lend up to $70 million equivalent in Thai baht to Natural Energy Development Company, a Thai company jointly owned by CLP Holdings Ltd., Japan's Mitsubishi Corp., and the Electricity Generating Public Company Ltd., Thailand's first independent power producer, to build the plant.
The loan will come from ADB's ordinary capital resources, and the plant will be located in Lopburi province in central Thailand.
Currently, around 90% of Thailand's power comes from natural gas, coal, and lignite. In an effort to diversify the country's energy mix and promote renewable energy, the government has prepared an Alternative Energy Development Plan that aims to generate 20.4% of primary commercial energy from renewable sources by 2022. This implies a sharp increase in renewable capacity to 5,608 megawatts from the current 1,750 megawatts.
"Solar energy is an abundant resource throughout Thailand and therefore has huge potential to fill the rising demand from Thai businesses, communities and households," said Joe Yamagata, Deputy Director General in ADB's Private Sector Operations Department.
"This private sector undertaking should demonstrate clearly to other investors the viability of investing in solar projects if the right financing structure including carbon credits is in place," he said.
The loan will come from ADB's ordinary capital resources, and the plant will be located in Lopburi province in central Thailand.
Currently, around 90% of Thailand's power comes from natural gas, coal, and lignite. In an effort to diversify the country's energy mix and promote renewable energy, the government has prepared an Alternative Energy Development Plan that aims to generate 20.4% of primary commercial energy from renewable sources by 2022. This implies a sharp increase in renewable capacity to 5,608 megawatts from the current 1,750 megawatts.
"Solar energy is an abundant resource throughout Thailand and therefore has huge potential to fill the rising demand from Thai businesses, communities and households," said Joe Yamagata, Deputy Director General in ADB's Private Sector Operations Department.
"This private sector undertaking should demonstrate clearly to other investors the viability of investing in solar projects if the right financing structure including carbon credits is in place," he said.
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