Regional: REG: RENEWABLE ENERGY ASIA FUND

Nonsovereign Project | 44926-024

Summary

Renewable Energy Asia Fund (the Fund) was launched in December 2009. The Fund's investments are in renewable energy infrastructure projects in Asia, with a focus on India, the Philippines and other countries in Southeast Asia.

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Project Name REG: RENEWABLE ENERGY ASIA FUND
Project Number 44926-024
Borrower/Company CLEAN RESOURCES ASIA GROWTH FUND
RENEWABLE ENERGY ASIA FUND
Country Regional
Location ADB DMCs
Approval Number 7321
Type or Modality of Assistance
7321 Equity Investment EUR 20.00 million Committed
Strategic Agendas
Drivers of Change
Sector / Subsector Energy - Renewable energy generation - biomass and waste - Renewable energy generation - small hydro - Renewable energy generation - wind
Gender Equity and Mainstreaming
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Portfolio Management Division, PSOD
Responsible ADB Officer Catherine C. Pacifico
Project Sponsor(s)
Description Renewable Energy Asia Fund (the Fund) was launched in December 2009. The Fund's investments are in renewable energy infrastructure projects in Asia, with a focus on India, the Philippines and other countries in Southeast Asia.
Objectives and Scope The Fund's objective is to invest in post-permitting renewable energy projects and project developers using proven technologies, generating project revenue through green electricity, carbon credits, and/or energy by-products.
Linkage to Country/Regional Strategy The investment in the Fund is aligned with ADB's Strategy 2020 which seeks to reduce poverty and improve living conditions and quality of life in part by scaling up private sector development and supporting environmentally sustainable development, particularly with respect to projects that aim to reduce carbond dioxide emissiona and that address climate change.
Status of Development Objectives The Fund's investment in clean energy and environment projects or companies, and the Fund Manager's advice to those investees, will increase access to finance and expertise in clean energy projects in the target countries. The Fund's investment leads to the increased contribution of investee companies and projects to economic growth, improved corporate governance in investee companies and projects, and reduction in greenhouse gas emissions in ADB's developing member countries.
Safeguard Categories
Environment FI
Involuntary Resettlement FI
Indigenous Peoples FI
Summary of Environmental and Social Aspects
Environmental Aspects The Fund has established an appropriate Environmental and Social Management System (ESMS) to ensure that its investee companies meet national laws and ADB's requirements in the countries in which these companies are located.
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
Timetable for assistance design, processing and implementation
Concept Clearance 14 Jun 2010
Due Diligence 17 Jul 2010
Credit Committee Meeting 18 Oct 2010
Approval 25 Nov 2010
PDS Creation Date 08 Mar 2011
Last PDS Update 24 Sep 2014
Title Document Type Document Date
Clean Resources Asia Growth Fund and Renewable Energy Asia Fund Reports and Recommendations of the President Nov 2010

Safeguard Documents

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