While the Philippines is still waiting for news on the proposed feed-in tariffs (FITs, which as to date, seems to be stalled), the Asian Development Bank (ADB) has made its intentions known on lending support to promising solar power efforts in the country. This particular move, which is in-line with the bank’s advocacy in creating a renewable energy function in Asia, is a welcome and much-needed help for alternative power project managers in the Philippines.
ADB has proposed a $100 million credit facility that may be used to fund solar power projects and developments. Even without the FITs in place, the bank hopes that credit from this facility may help push things forward for stagnant projects.
To note as well, ADB had recently installed several solar panels in its main office’s rooftop. This is to serve as an example on how viable renewable energy is, especially for the resources made available in the Philippines. ADB also hopes that similar solar panel rooftop installations will be made in other corporations and homes, just so to help augment the steep energy consumption and fees that the Philippines is currently facing.