The Philippines Department of Energy (DOE) has awarded about 3.44 GW of solar photovoltaic (PV) and onshore wind projects in the country’s second green energy auction round (GEA-2), significantly less than the initially offered capacity. The government’s Green Power Auction Bid Evaluation and Award Committee (GEA-BEAC) announced the successful bidders earlier this month. A total […]
ADB Issues First Local Currency Health Bond – EQ Mag
MANILA, PHILIPPINES : The Asian Development Bank (ADB) has raised 35 billion Mongolian togrog (MNT) (about $10.2 million) in its first health bond denominated in the local currency of a borrowing member. The issue sets a milestone for health-focused local-currency bonds. The bond carries a 11.25% semi-annual coupon with a 2-year bullet maturity, denominated in […]
ADB to Help Modernize Uzbekistan’s Power Transmission Grid – EQ Mag
MANILA, PHILIPPINES : The Asian Development Bank (ADB) has approved a $125 million loan to help enhance Uzbekistan’s power transmission grid, improving energy efficiency and enabling the integration of more renewable energy into the country’s power mix. The Digitize to Decarbonize – Power Transmission Grid Enhancement Project will rehabilitate 12 transmission lines in seven regions—Bukhara, […]
ADB Approves Landmark $1 Billion Loan to Support Low-Carbon Public Transport in the Philippines – EQ Mag
MANILA, PHILIPPINES : The Asian Development Bank (ADB) today approved a $1 billion loan to help establish a city-wide public transport project in Davao City, the first project in the country to deploy electric bus fleets at scale in support of the Philippines’ efforts to reduce greenhouse gases and promote climate action. The Davao Public […]
Philippines’ Tech Startup Ecosystem Making Progress – EQ Mag
MANILA, PHILIPPINES : A supportive ecosystem for startups has been established in the Philippines, providing a platform for the development of innovative enterprises, according to a new report by the Asian Development Bank (ADB). As in many countries, fintech and e-commerce dominate the startup landscape. Meanwhile, startups with high development impact—those focused on education (edtech), […]
Benefits of Global Net-Zero Transition Can be 5 Times the Costs in Developing Asia – EQ Mag
MANILA, PHILIPPINES : Global efforts to achieve net-zero greenhouse gas emissions can yield substantial economic and social benefits. For developing Asia, these benefits could be 5 times the costs of mitigation, according to a new report from the Asian Development Bank (ADB). The benefits—including avoided economic losses from climate change, as well as improved health […]
ADB Operations Reach $20.5 Billion in 2022, Addressing Crises, Building Resilience – EQ Mag
MANILA, PHILIPPINES : The Asian Development Bank (ADB) committed $20.5 billion from its own resources in 2022 to help Asia and the Pacific continue its recovery from the COVID-19 pandemic despite fresh economic headwinds and crises. Financial and operational results were published today in ADB’s Annual Report 2022. The report summarizes how the bank combined […]
Philippines sets June auction for new 11,600 MW renewables capacity – EQ Mag
MANILA : The Philippines will in June auction rights to build up to 11,600 megawatts of new power capacity from renewable sources in the next three years, the Department of Energy said, as it seeks to gradually reduce its reliance on coal. The additional capacity will come from solar, onshore wind, biomass and waste-to-energy resources. […]
Philippines agrees 2 GW offshore wind power with Danish investment fund – EQ Mag
The Philippines’ Department of Energy said on Thursday it had signed three contracts with a Danish fund manager for offshore wind energy development projects with a total capacity of 2,000 megawatts. There will be a 25-year operating period for the service contracts with Copenhagen Infrastructure New Markets Fund (CINMF), which is the first foreign firm […]
ADB Provides $20 Million Loan to Wyntron to Manufacture EV Charging Equipment in the Philippines
MANILA, PHILIPPINES : The Asian Development Bank (ADB) and Wyntron Inc. (Wyntron) has reached financial close for a $20 million loan for capital expenditure to expand the manufacture and export of electric vehicle (EV) charging equipment in the Philippines. The financing will be used to purchase and refurbish production facilities and to procure essential machinery […]