An investment worth up to $85 million (£55.8m) has been granted for a wind farm to be built in the northern part of the Philippines (pictured).
The 81MW project will have two phases, the first one generating at least 54MW of electricity and expected to be connected to the grid by June next year.
The cash is provided by the Philippine Investment Alliance for Infrastructure (PINAI) – partly financed by the Asian Development Bank (ADB) – and is its first investment ever.
Janette Hall, Senior Investment Specialist at ADB’s Private Sector Operations Department said: “We are delighted that PINAI has selected a green power project as its first investment. It is aligned with our objective of making the country’s growth more inclusive and sustainable.”
PINAI, launched in July last year, is a $625 million (£410.5m) private equity fund focused exclusively on infrastructure projects in the Philippines.
The Philippines’ Department of Energy is aiming to install up to 548MW from renewable sources by the end of this year. Of this total, 417MW will come from wind-based power while the remaining 131MW will be sourced from solar, ocean and biomass.
Last month the ADB said it would provide technical assistance to increase renewable energy access in the Indonesian island of Sumba.