File photo taken on Sep 16, 2008 shows the logo of the Asian Development Bank at its headquarters in Manila, capital of the Philippines. (LIU HUA / XINHUA)
PHNOM PENH – The Manila-based Asian Development Bank (ADB) has approved a $50 million loan to Cambodia to support its energy transition program, the lender said in a news release on Thursday.
The Energy Transition Sector Development Program will be funded by a $40 million loan from ADB's concessional resources and a 10 million dollar loan from the ASEAN (Association of Southeast Asian nations) Infrastructure Fund under its ASEAN Catalytic Green Finance Facility, the news release said.
The program supports the government's energy transition agenda towards mainstream renewable energy and energy efficiency while shifting away from fossil fuels, it said
The program supports the government's energy transition agenda towards mainstream renewable energy and energy efficiency while shifting away from fossil fuels, it said.
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According to the news release, the project investments under the program will promote new technologies, including development of the country's first grid connected battery energy storage system, which will enable additional renewable sources to enter the grid and improve electricity grid stability for consumers.
Investments also include comprehensive city level efficient street lighting systems in Kampot and Kep provinces, which will demonstrate cost savings and benefits for tourism and public safety, it said.
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Through the policy reforms, renewable electricity generation by 2027 is expected to increase by at least 25 percent from a baseline of 4,672 gigawatt hours in 2021, the news release said.