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Arrow Resources Development receives $1.4m grant from ADB

Dieng, Banjarnegara, Indonesia - not related to story (source: flickr/ druidabruxux, creative commons)
Alexander Richter 16 May 2011

Arrow Resources Development, Inc. has received a $1,400,000 grant from the Asian Development Bank (ADB) to commence the design planning for two Geothermal Power Plant in Indonesia and the Philippines.

In a release, “Arrow Resources Development, Inc. (OTCBB: ARWD) announces it “has received a $1,400,000 grant from the Asian Development Bank (ADB) to commence the design planning for two Geothermal Power Plant in Indonesia and the Philippines. This funding for these initial site development plans requires approximately 90 days and site selection has already commenced.

Peter Frugone, CEO of Arrow Resource Development commented, “After two years of planning, we are finally ready to start operations that will have a profound environmental impact on Indonesia and will eventually lead to significant financial gains for the Company.”

Source: Company release via SacBee