ADB grants $5M for renewable energy projects in Micronesia
This is on top of the $500,000 worth of in-kind support from the government.
The Asian Development Bank approved a $5m grant to the Federated States of Micronesia for the development of clean energy projects.
Through the Asian Development Fund, ADB will fund assessments, planning, and capacity building to improve the efficiency and implementation of the projects, such as solar and hydro.
This is also on top of the $500,000 in-kind support supported by the FSM government.
“The project readiness financing (PRF) will create an enabling environment for the introduction of innovative technology solutions and business models for clean energy projects,” ADB Principal Energy Specialist for the Pacific Len George.
“This will help resolve medium-term challenges, including reliable access to affordable electricity while accelerating the FSM’s clean energy transition.”