ADB committed to fund geothermal projects under its renewables loan programs

Geysir drilling rig of Iceland Drilling on Biliran Island, Philippines (source: Biliran Island Blog)
Alexander Richter 17 Oct 2015

In a statement to ThinkGeoEnergy, Preety Bhandari, Director of Asian Development Bank's climate change and disaster risk division confirms the bank's commitment to also fund geothermal projects as part of the $4 billion pledged for renewable energy funding.

Following the news on the big climate change financing package announced in September by the Asian Development Bank (ADB), we were curious to learn how much of of the $6 billion pledged will be find their way to geothermal projects.

Out of the $6 billion, $4 billion will be dedicated to mitigation through scaling up support for renewable energy, energy efficiency, sustainable transport, and building smart cities. $2 billion will be for adaptation through more resilient infrastructure, climate-smart agriculture, and better preparation for climate-related disasters.”, so the ADB in its initial release.

In a statement to ThinkGeoEnergy, Preety Bhandari, Director of Asian Development Bank’s climate change and disaster risk division, said that “A significant part of the $ 4 billion will be invested in renewable energy and energy efficiency, including solar, wind, hydro and geothermal. Clearly there is huge opportunity for developing geothermal energy in some countries in the region. For instance, in Indonesia ADB has invested in  two geothermal power projects. One of the two (Sarulla geothermal project) is the first private sector greenfield geothermal project to successfully reach financial close in Indonesia in over 10 years and is likely to establish a blueprint for the next generation of geothermal projects in that country. “

So it is great to hear that geothermal is part of the commitment of ADB, particular in a region blessed with geothermal resources.