Priority programmes will include supporting battery energy storage system (BESS) in Vietnam, and the early retirement of coal-fired power plant initiatives in Indonesia.
Opportunities will be supported through technical assistance, grant components for investment projects, and blended concessional instruments to crowd-in additional capital.
GEAPP will provide an initial US$35m of catalytic capital towards the fund, which will be established and administered by ADB.
GEAPP’s partnership with ADB is a great example of this response – new and additional capital will be mobilized at a ratio of at least 15x at portfolio level to encourage the use of clean energy in the region, underpinned by practical innovation, scalable solutions, and knowledge sharing.
The partnership builds on ADB’s track record of supporting universal access to reliable and affordable energy while promoting the low-carbon transition in the region. It is hoped this model will further contribute to international climate finance ambitions.