The Asian Development Bank has provided $102 million for the Philippines to boost its renewable energy sector.

The funding is especially allocated for solar and hydropower projects, reported Inquirer.net.

In a statement, Sohail Hasnie, principal energy specialist at the A.D.B., said $100 million in loans is available for solar rooftop projects while $2 million in funds is being used to jumpstart micro-hydropower plants in Mindanao.

Of the $100-million loan facility, Mr. Hasnie said $20 million would come from the Clean Technology Fund and $80 million would be provided by the A.D.B.

While the facility was made available last year, it remained untapped, added Mr. Hasnie.

Last June 2012, the A.D.B. completed a rooftop solar power project on its main building. Occupying 6,640 square meters on the roof of the building’s roof, the 2,040 photovoltaic panels produce 613 megawatt-hours of power per year, used in running a portion of the bank’s air conditioning, lighting and computer systems, as well as reducing its carbon emissions.

Meanwhile, the $2-million is being used to build small hydropower facilities in the Caraga region. Through the fund, the A.D.B., together with the state-run National Electrification Administration and other stakeholders, has identified 25 potential sites where the power plants will be set up.

Mr. Hasnie said the goal is to build at least two small hydropower facilities with a combined capacity of 500 kilowatts.

According to a report of First Metro Investment Corporation, the Philippines has an existing capacity of 5,500 MW of renewable energy power in 2010. Of which, 61 percent comes from hydropower. Meanwhile, as a tropical country, the report stated that the Philippines has untapped vast potential for solar energy. – EcoSeed Staff

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