fbpx 50227-001: Distributed Energy Storage Solutions Project | Asian Development Bank

Regional: Distributed Energy Storage Solutions Project

Nonsovereign (Private) Project | 50227-001 Status: Approved

The investments will provide institutional capital to support Fluidic''s recent entry into a growth phase backed by a large client book, a master agreement with Caterpillar and MOU's for some of the world's largest rural electrification projects.

Project Details

Project Officer
Singh, Samarendra Private Sector Operations Department Request for information
Country
  • Regional
Sector
  • Energy
 
Project Name Distributed Energy Storage Solutions Project
Project Number 50227-001
Borrower/Company Fluidic Incorporated
Country Regional
Location Regional
Type or Modality of Assistance
7485 Equity USD 5.00 million Approved
Strategic Agendas Environmentally sustainable growth
Inclusive economic growth
Drivers of Change Partnerships
Private sector development
Sector / Subsector

Energy / Energy utility services

Gender Equity and Mainstreaming No gender elements
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Portfolio Management Division, PSOD
Responsible ADB Officer Singh, Samarendra
Project Sponsor(s)
Description The investments will provide institutional capital to support Fluidic''s recent entry into a growth phase backed by a large client book, a master agreement with Caterpillar and MOU's for some of the world's largest rural electrification projects.
Objectives and Scope The project will contribute to regional progress in achieving Sustainable Development Goal 7: expanding universal access to affordable, reliable and modern energy services by 2030. Through the adoption of clean energy by more service providers like telecom operators and implementation of modern rural electrification projects, sustainable and distributed energy solutions will enhance quality of life and drive increased economic activity across the region. The project will play a pioneering role in demonstrating the commercial viability of distributed energy storage in the Asia and Pacific region, encouraging widespread investment in energy storage and renewable energy across ADB DMCs.
Linkage to Country/Regional Strategy

The project is closely aligned with ADB's Strategy 2020, which aims to reduce poverty and improve living conditions and quality of life by 1) scaling up private sector development and 2) supporting environmentally sustainable opportunities through projects that reduce greenhouse gas emissions and tackle climate change challenges. ADB's country partnership strategies for various ADB DMCs (including target DMC, Indonesia) echo the themes of the energy policy, including the promotion of energy security and environmentally sustainable economic development.

The project is consistent with ADB's Energy Policy supporting broader access to energy through investments in energy efficiency and renewable energy projects. The project will support ADB's new internal goal of $6 billion in annual financing for climate mitigation and adaptation by 2020, as well as catalyze further private sector resources in the clean energy sector.

Safeguard Categories
Environment B
Involuntary Resettlement C
Indigenous Peoples C
Summary of Environmental and Social Aspects
Environmental Aspects The project is classified as category B for environment and considered general corporate finance (GCF). Although ADB funds are not earmarked for financing specific sub-projects, the funds will be used to support the production and deployment of energy storage. An environmental and social compliance audit was conducted on the two existing manufacturing facilities to identify any potential environmental and social impacts of current operations. Audit findings and recommendations are the basis of a corrective action plan (CAP) to avoid, minimize, mitigate, and compensate for any adverse impacts. Fluidic has committed to the CAP by agreeing to establish an Environmental and Social Management System (ESMS). The ESMS will improve the company''s environmental and social practices and procedures and strengthen its institutional capacity to manage its social and environmental impacts.
Involuntary Resettlement The project is classified as category C for involuntary resettlement. There are no legacy issues or grievances with regard to Fluidic's properties. New facilities could be established in the future in other locations; however, it is anticipated that such facilities could be developed without any involuntary resettlement impacts.
Indigenous Peoples The project is classified as category C for indigenous peoples. The investment is not expected to directly or indirectly affect the dignity, human rights, livelihood, or culture of Indigenous Peoples or affect the territories or natural or cultural resources that Indigenous Peoples own, use, occupy, or claim as an ancestral domain or asset.
Stakeholder Communication, Participation, and Consultation
Timetable for assistance design, processing and implementation
Concept Clearance 29 Jun 2016
Credit Committee Meeting 24 Aug 2016
Approval 22 Sep 2016
Last PDS Update 30 Aug 2016

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

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Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

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Related Publications

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