ADB will assign $2.25 billion to develop solar power engineering

The Asian Development Bank has announced the start of a 3-year program
entitled "Asian Solar Energy Initiative" (ASEI), aimed at generating
3000 megawatts of solar power, Trend reports.

"Considering the predicted growth in demand for energy in the
Asian-Pacific region until 2030, we have to look for innovative ways
to generate power, bearing in mind the greenhouse effect", said
Managing Director General of ADB, Rajat Nag, at a press conference.

The ASEI consists of various projects, mechanisms for financial
cooperation, and means of information exchange in order to attract
banks to the development of solar power engineering. Rajat Nag
underlined the importance of developing this way of generating power,
especially in this region with its overdependence on oil and gas.

ADB is planning to assign $2.25 bln for starting the program, which
would attract $6.75 bln of investment.

"Due to the high demand for electricity in the countries of Central
Asia, the presence of deserts and their liability to compensate for
the amount carbonic acid gas produced by them, this region is a
perfect place for the development of solar power engineering", Rajat
Nag said.

The initiators of the program are planning to organize an
international forum on solar power engineering and to study
initiatives in this area all over the world. The first conference of
the forum will take place on June 5th-6th in the Philippines capital,
Manila.

Helping the development of alternative power sources is one of the
priorities of ADB. Last year it assigned $1.3 bln for such projects.

From 2013 the bank plans to spend $2 bln on it annually.