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Indian Energy Efficiency Specialist Raises $4.1Mn (Int’l.)
Smart Joules,
Date: 2021-03-17
In New Delhi, Smart Joules, a platform focused on energy efficiency, reports it has raised $4.1 million in a Series A round from ADB Ventures, -- the venture arm of the Asian Development Bank, Sangam Ventures, a seed and early-stage fund; Max I Ltd; cKinetics Accelerator; Saket Burman of Dabur; and other angel investors from India and the United States.

Smart Joules offers capital expenditure-free energy efficient retrofits of existing energy-intensive systems such as those related to cooling and heating in commercial and industrial facilities. The company’s technology stack, DeJoule, utilises sensors and Internet of Things-based controllers to track and optimise equipment. The company will use the new capital to strengthen its energy management team, enhance technological infrastructure, expand presence across hospitals, and scale cooling-as-a-service offerings for commercial buildings and industries requiring heavy air conditioning loads, according to the release. (Source: Smart Joules, PR, 17 Mar., 2021) Contact: Smart Joules, +91 11 4350 2232, www.smartjoules.co.in

More Low-Carbon Energy News Smart Joules news,  Energy Efficiency news,  


ADB Supports Indian Biofuels (Int'l. Report, Funding)
Asian Development Bank
Date: 2020-12-09
The Manila-headquartered lending agency Asian Development Bank (ADB) is reporting approval of $2.5 million in technical assistance grant funding to support advanced biofuel development of advanced bioethanol, bio-compressed natural gas, and biodiesel plants to demonstrate the best practices for suitable feedstock, efficient conversion technology, and sustainable biofuel value chain in India.

The grant is funded from the Asia Clean Energy Fund, financed by the Government of Japan under the Clean Energy Financing Partnership Facility, and the Republic of Korea's e-Asia and Knowledge Partnership Fund. (Source: Asian Development Bank, Energy InfraPost, 9 Dec., 2020) Contact: Asia Development Bank, Takehiko Nakao, Pres. +63 2 632 4444, www.adb.org

More Low-Carbon Energy News Asian Development Bank ,  India,  Biofuel,  Biodiesel,  Advanced Biofuel,  


ADB Funding Maldives Solar + Storage Installations (Int'l.)
Asian Development Bank
Date: 2020-11-09
The Asian Development Bank (ADB) announced that it approved a concessional loan worth $7.74 million and a project grant worth $2.73 million to advance the existing "Preparing Outer Islands for Sustainable Energy Development (POISED)" project in the Maldives.

In January 2020, the ADB and Maldives' environment ministry began installation of solar battery-diesel hybrid systems on 48 iof the 160 inhabited islands of the atoll nation. According to its press statement, the project will further expand renewable-based hybrid systems, energy management systems, distribution grid upgrades, and supervisory control and data acquisition systems on 12 outer islands. Besides, a climate and disaster-resilient electricity distribution system will be developed in an outer island of Maldives. It will also perform a pilot test for a solar photovoltaic-based operated ferry for transportation.

The ADB said that the existing diesel-based power generation grids have been replaced in 70 outer islands by installing over 9.5 MW of solar capacity, 5.6 MWh of battery storage, and 11.6 MW of energy-efficient diesel generators. (Source: ADB, PR, Nov., 2020)Contact: Asian Development Bank, Takehiko Nakao, Pres. +63 2 632 4444, www.adb.org

More Low-Carbon Energy News Maldives,  Asian Development Bank,  Solar,  PV,  


Development Banks Commit $61Bn to Climate Finance in 2019 (Int'l.)
Climate Change
Date: 2020-08-24
According to the 2019 Joint Report on Multilateral Development Banks' Climate Finance , in 2019 seven of the world's largest multilateral development banks (MDBs) provided $61.6 billion in climate financing, out of which $41.5 billion was offered to low-income and medium-income economies.

Of the total, $46.6 billion was used for climate mitigation and the remaining $14.9 billion was used to help countries build resilience in tackling the impact of global warming.

The seven banks include: African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank Group (IDB Group), World Bank Group (WBG) and the Islamic Development Bank (IsDB).

Download the 2019 Joint Report on Multilateral Development Banks' Climate Finance report HERE. (Source: African Development Bank, Mercom India, Aug., 2020) Contact: African Development Bank, www.afdb.org

More Low-Carbon Energy News Climate Change,  


ADB Investing $17Mn in Bangladesh Solar PV Plant (Int'l.)
Asian Development Bank
Date: 2020-06-12
The Asian Development Bank (ADB) reports the inking of a $17.7 million financing package with Spectra Solar Park Limited (SSPL) for a 35-MW solar PV plant in Bangladesh. The solar park is one of the first private sector solar plants in Bangladesh to be financed by multilateral institutions.

When fully on line, the plant will generate more than 50 GWh per year of electricity for the national grid and avoid 33,200 metric tpy of carbon dioxide emissions. The project aligns with the Government of Bangladesh's aim to reduce the country's dependence on fossil fuels through renewable energy under Bangladesh Vision 2021. (Source: ADB, Dhaka Tribune, 10 June, 2020) Contact: Asia Development Bank, Takehiko Nakao, Pres. +63 2 632 4444, www.adb.org

More Low-Carbon Energy News Asian Development Bank,  Solar,  PV,  


ADB Supports Thailand Wind, Battery Energy Storage Project (Int’l.)
Asian Development Bank
Date: 2020-05-19
The Asian Development Bank (ADB) is reporting an agreement to lend Lom Ligor Company Limited, a subsidiary of Thailand-headquartered renewable energy development company BCPG Public Company Limited (BCPG), $7.2 million for the construction of the Southern Thailand Wind Power and a 1.88 MWh Battery Energy Storage Project to be added to an existing 10MW wind turbine power plant. (Source: ADB, Energy Storage News, 18 May, 2020)Contact: Asia Development Bank, Takehiko Nakao, Pres. +63 2 632 4444, www.adb.org

More Low-Carbon Energy News Asian Development Bank,  Wind,  Battery,  Energy Storage,  


ADB Loans $100Mn for Mongolian Battery Energy Storage Project (Int'l)
Asian Development Bank
Date: 2020-04-27
The Asian Development Bank (ADB) reports approval of a $100 million loan to help supply renewable energy to coal dependent Mongolia by installing its first large-scale advanced battery energy storage system (BESS).

The project will install 125 mw of advanced BESS, making it among the largest battery storage systems globally. The system will include a battery energy management system enabling it to be charged entirely by renewable electricity. The project is expected to come in at $114.95 million, of which $3 million is co-financed by a grant from ADB's High-Level Technology Fund, financed by the Government of Japan. The Mongolian government will provide $11.95 million toward the cost of the project, which is due for completion in September 2024. (Source: Asian Dev. Bank, April, 2020)Contact: Asia Development Bank, Takehiko Nakao, Pres. +63 2 632 4444, www.adb.org

More Low-Carbon Energy News Asian Development Bank,  Battery Energy Storage,  BESS,  


UNIDO, NUST Plan Pakistan's First Biomass Cluster (Int'l Report)
National University of Science and Technology
Date: 2019-09-04
The US-Pakistan Centre for Advanced Studies in Energy at Pakistan's National University of Science and Technology (NUST) -- under the banner of U.N. Industrial Development Organization (UNIDO) programme for promoting sustainable energy production and the use of biomass in Pakistan -- is reporting plans to develop that country's first Biomass Cluster.

Participants in the planning process include: Alternative Energy Development Board (AEDB), Small and Medium Enterprises Development Authority (SMEDA), Punjab Bio Energy Company Limited (PBECL), SBP Banking Services Corporation (SBP-BSC), Asian Development Bank (ADB), Zarai Taraqiati Bank Limited (ZTBL), Ministry of Food Security and Research, SAARC Energy Center (SEC), Asia Foundation, Punjab University, DESCON and Ali Engineering.

The proposed cluster is intended to act as an easily accessed shared knowledge and data repository for biomass stakeholders and to promote biomass and green energy business opportunities. (Source: The Express Tribune, September 3rd, 20190 Contact: National University of Science and Technology, www.nust.edu.pk; US-Pakistan Centre for Advanced Studies in Energy, +92 91 9217480, www.uspcase.asu.edu

More Low-Carbon Energy News Biomass,  Pakistan Biomass,  


ADB Offers $4Mn Loan for Afghanistan Solar Project (Int'l, Funding)
Asian Development Bank
Date: 2019-05-22
The Manila-headquartered Asian Development Bank (ADB) is reported to have offered $4 million in loan funding to Barakat Kandahar Solar Energy (BKSE), a special purpose vehicle company majority owned by 77 Afghanistan, a subsidiary of 77 Group, for construction of a 15.1 MW solar PV power plant in Afghanistan.

The solar plant is expected to generate about 27.5GWh per year of electric power for the country's grid. The project will also add significantly to the country’s share of renewable energy in the total installed power generation capacity between 4.5GW and 5GW by 2032. (Source: ADB, 21 May, 2019)Contact: Asia Development Bank, Takehiko Nakao, Pres. +63 2 632 4444, www.adb.org

More Low-Carbon Energy News Asian Development Bank,  Solar,  


Asian Devlopment Bank Pledges to Boost Climate Investments (Int'l)
Asia Development Bank
Date: 2019-05-13
The Manila-headquartered Asian Development Bank (ADB) reports it will increase its climate investments from this year forward. The pledge from ADB President Takehiko Nakao was make in consideration of some countries in the Asia Pacific region facing extreme weather events caused by climate change.

Speaking at the ADB's 52nd annual meeting, NAKAO noted that climate change is among the six key areas ADB will prioritize in the implementation of its Strategy 2030.

Nakao pledged the ADB would provide a wide range of assistance for countries that are the most vulnerable to climate change including increased investment and technical assistance to $5 billion in protecting the region's oceans by 2024. (Source: Asia Development Bank , Eleven Media Group, 12 May, 2019) Contact: Asia Development Bank, TakehikoNakao, Pres. +63 2 632 4444, www.adb.org

More Low-Carbon Energy News Asian Development Bank ,  


ADB committed highest-ever USD 3 billion in sovereign loans to India in 2018
Asian Development Bank
Date: 2019-04-19
Private sector operations reached USD 3.14 billion, a 37 per cent increase from 2017, which is 14.5 per cent of ADB's overall commitment. PTI| In Manila, according to the Asian Development Bank (ADB} newly released annual report, it committed $3.88 billion in sovereign loans, including sovereign loans and co-financing during the year ended December 2018, to India in 2018,

The report notes that the demand for ADB assistance continued to grow in 2018. New commitments included $21.6 billion in loans, grants and investments from ADB's own resources, exceeding the target of $19.71 billion and up 10 pct from 2017. The Manila-headquartered ADB committed several projects in India, including in Bihar, Himachal Pradesh, Madhya Pradesh, Karnataka, Tamil Nadu, Assam and Odisha. The report also noted that in India, ADB provided a USD 100-million loan to Ostro Kutch Wind, a renewable energy company owned by investment funds under the management of Actis Capital, for constructing and operating a 250-megawatt wind power project in Gujarat. Among others, it also provided USD 30 million in equity and USD 20 million in debt security to Annapurna Finance, a microfinance company. In March 2018, ADB signed a cooperation arrangement with the International Solar Alliance, headquartered in India, to promote solar energy deployment across Asia and the Pacific, particularly in South Asia. The alliance's major objectives include global deployment of over 1,000 gigawatt of solar generation capacity and investment of over USD 1 trillion into solar energy by 2030. (Source: ADB, Economic Times, 16 April, 2019)

More Low-Carbon Energy News Asian Development Bank news,  

More Low-Carbon Energy News Asian Development Bank ,  


$1.7Tn per year Needed for Asian Climate Resilient Infrastructure (Int'l)
Asian Development Bank
Date: 2019-04-08
According to the Manila-headquartered Asian Development Bank's (ADB) recently released study Asian Development Outlook 2019: Strengthening Disaster Resilience, developing economies across Asia are among the most vulnerable to climate change-natural disasters such as storms, floods, droughts, and have suffered damages estimated at $644 billion since 2000. Weather-related hazards caused the greatest share at $507 billion at 79 pct while geophysical hazards accounted for the remaining $137 billion dollars at 21 pct.

The study notes an estimated $1.7 26 trillion per year must be invested in climate-change mitigation and adaptation measures and to construct disaster-resilient infrastructure in developing Asia. (Source: Asian Development Bank, ANI Siasat Daily, April, 2019)Contact: Asian Development Bank, +63 2 632 4444, www.adb.org

More Low-Carbon Energy News Asian Development Bank,  Climate Change Mitigation,  


Green Bond Raises $410Mn for Asian Low Carbon Projects (Int'l)
AC Energy,Ayala
Date: 2019-02-11
In the Philippines, AC Energy, the energy platform of one of the largest conglomerates located in the Philippines, Ayala Corporation, reports it raised $410 million (US) in its first Climate Bond Initiative listed on the Singapore Exchange. The International Finance Corporation (IFC), a member of the World Bank Group, provided an anchor investment of $75 million to complete the public placement of the bonds. AC Energy added a private placement of $110 million in climate bonds for 10 years and the Asian Development Bank (ADB) invested $20 million in the transaction, which is paying a coupon of 5.25 pct.

Proceeds from the bond offering are earmarked for AC Energy's low-carbon energy projects in the Asia-Pacific region. The bonds received pre-issuance certification as climate bonds under the Climate Bonds Standard (CBS). (Source: AC Energy, Asset ESG Forum, 10 Feb., 2019) Contact: AC Energy , Eric Francia, Pres., CEO, www.acenergy.com.ph; Ayala, www.ayala.com.ph/ac-energy

More Low-Carbon Energy News Ayala,  AC Energy,  Climate Change,  Green Bond,  Renewable Energy,  


ADB Touts $4Mn Facility to Help Asia Meet Climate Commitments (Int'l)
Asian Development Bank
Date: 2018-12-10
Reporting from Manila, the Asian Development Bank (ADB) is heralding the launch of the $4 million, Article 6 Support Facility to help developing member countries (DMCs) in Asia and the Pacific combat climate change.

Funded by ADB, the Government of Germany, and the Swedish Energy Agency, the facility will provide technical, capacity building, and policy development support to help the DMCs meet Article 6 of the Paris Agreement under which countries voluntarily committed to lower their carbon emissions.

The Article 6 Support Facility is intended to help DMCs achieve expertise, draw lessons from pilot activities, and enhance their preparedness for participation in carbon markets beyond 2020, while contributing to international negotiations.(Source: ADB, Modern Diplomacy, 8 Dec., 2018) Contact: Asian Development Bank, +63 2 632 4444, www.adb.org

More Low-Carbon Energy News Paris Climate Agreement,  Asian Development Bank,  Climate Change,  Carbon Emissions,  


ADB Commits $13Mn to Indian Energy Efficiency Fund (Int'l)
ADB
Date: 2018-11-14
In the Sub-Continent, the Asian Development Bank (ADB) reports it will grant $13 million to Indian government-owned Energy Efficiency Services Ltd (EESL) to establish an energy efficiency revolving fund. The fund is intended to sustain and expand energy efficiency investments, build market diversification, and scale up existing energy efficiency technologies in India.

According to the Bank's Country Director for India, Junaid Ahmad, energy efficiency is one of the bank's "strategic pillars" for engagement in India. (Source: ADB, PR, IANS, 11 Nov., 2018)Contact: Asian Development Bank, +63 2 632 4444, www.adb.org

More Low-Carbon Energy News Asian Development Bank,  ADB,  Energy Efficiency,  India Energy Efficiency,  


ADB Commits $13Mn to Indian Energy Efficiency Fund (Int'l)
Asian Development Bank,Energy Efficiency Services
Date: 2018-11-12
In the Sub-Continent, the Asian Development Bank (ADB) reports it will grant $13 million to Indian government-owned Energy Efficiency Services Ltd (EESL) to establish an energy efficiency revolving fund (EERF) to expand and sustain investments in the energy efficiency market in India, build market diversification, and scale up existing technologies.

According to the World Bank’s Country Director for India, Junaid Ahmad , energy efficiency is one of the “strategic pillars” of the bank’s engagement in India. (Source: World Bank, PR, IANS, 11 Nov., 2018) Contact: Asian Development Bank, +63 2 632 4444, www.adb.org; Energy Efficiency Services (India), www.eeslindia.org

More Low-Carbon Energy News Asian Development Bank,  Energy Efficiency Services,  


ADB Green Bonds to Fund Climate Change Mitigation Projects (Int'l)
Asian Development Bank
Date: 2018-09-24
Further to our May 4th coverage, the Manila-headquartered Asian Development Bank (ADB) reports it has raised another $750 million in 10-year green bonds to help finance climate change mitigation and adaptation projects.

Forty-six pct of the issue was distributed in Europe, Middle East and Africa and 28 pct in the Americas and 26 pct in Asia. Thirty-one pct of the issuance was purchased by banks, 25 pct by insurance companies and pension funds, 24 pct by central banks and official institutions, and 20 pct by fund managers.

ADB issued its first US dollar-denominated green bond in 2015. ADB's financing of climate mitigation and adaptation reached a record $4.5 billion in 2017 and the institution is now in position to achieve its US$6 billion annual climate financing target by 2020. Of the total $6 billion, $4 billion will be dedicated to mitigation through scaling up support for renewable energy, energy efficiency, sustainable transport and building smart cities, while $2 billion will be for adaptation through more resilient infrastructure, climate-smart agriculture and better preparation for climate-related disasters. ADB plans to raise around $23 billion from the capital markets in 2018. (Source: ADB, The Asset ESGForum, 23 Sept., 2018) Contact: Asian Development Bank, +63 2 632 4444, www.adb.org

More Low-Carbon Energy News Climate Change Mitigation,  Green Bonds,  Asian Development Bank,  


Tesla Deploys Microgrid Powerpacks in Samoa (Ind. Report)
Tesla Powerpack
Date: 2018-07-27
In 2016, Tesla deployed a 1.4 MW solar array and a 6 MWh energy storage system incorporating 60 Tesla Powerpacks on the island of Ta’u in American Samoa where Tesla back in 2016.

Now Tesla has deployed two more Powerpack projects at the Fiaga Power Station and the Faleolo International Airport on the main island for a total of 13.5 MWh of energy storage capacity. The project reportedly cost $8.8 million and was supported by development partners, including the Asian Development Bank (ADB), the Government of Japan, Government of Australia, Government of New Zealand and the European Union. (Source: Tesla, electrk, 25 July, 2018) Contact: Tesla Power Pack, www.tesla.com/en_CA/powerpack

More Low-Carbon Energy News Tesla Powerpack,  Energy Storage,  


Increased Climate Finance Aids Caribbean Countries (Int'l)
IDB
Date: 2018-06-27
According to the Washington-based Inter-American Development Bank (IDB), a financing increase of more than 20 pct to a seven-year high of $35.2 billion from the previous year by the world's six largest multilateral development banks (MDBs) has boosted projects that help the Caribbean and other developing countries cut emissions and address climate risks.

The MDBs' latest joint report on climate financing said $27.9 billion -- 79 pct of the 2017 total -- was devoted to climate mitigation projects that aim to reduce harmful emissions and slow down global warming. The remaining 21 pct or $7.4 billion of financing for emerging and developing nations was invested in climate adaptation projects. In 2016, total MDB climate financing totaled US$27.4 billion.

The MDBs, which include the African Development Bank , the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank , the Inter-American Development Bank Group (IDB and IDB Invest) and the World Bank Group (World Bank, IFC and MIGA), account for the vast majority of multilateral development finance. (Source: IDB, Caribbean Life, 23 June, 2018) Contact: IDB, Juan Pablo Bonilla, Climate Change and Sustainability Sector Manager, Therese Turner-Jones, GM Caribbean Country Department, www.iadb.org

More Low-Carbon Energy News IDB,  Climate Change,  Climate Change Mitigation,  Climate Finance,  


ADB Delivering on Emissions, Climate Change Commitments (Int'l)
Asian Development Bank
Date: 2018-05-04
The Manila-headquartered Asian Development Bank (ADB) is meeting its goal to increase development finance to the Asia and Pacific region and achieving its development and operational targets, especially in climate change, according to the ADB's recently released 2017 Development Effectiveness Review (DEfR). The DEFR measures how well ADB is executing its corporate strategy and meeting its strategic priorities across 85 results indicators.

The 2017 DEfR found that the share of ADB operations supporting climate change mitigation and/or adaptation rose to 49 pct in 2015 -- 2017, exceeding the 45 pct 2020 target. Climate change finance, including external sources mobilized by ADB, reached a record $5.16 billion in 2017. This puts ADB in a good position to achieve its $6 billion annual climate financing target by 2020. (Source: Asian Development Bank, 3 May 2018) Contact: Asian Development Bank, +63 2 632 4444, www.adb.org

More Low-Carbon Energy News Asian Development Bank ,  Climate Change,  

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