The Asian Development Bank (ADB) is all set to finance the development of 2 gigawatts of solar power and battery storage projects in Cambodia.
This support to the development of solar power comes under the sustainable green initiative of the ADB.
For this, the ADB has already signed a transaction advisory services mandate with Cambodian national utility company Électricité du Cambodge (EDC).
This support is expected to help Cambodia achieve its goal of carbon neutrality by 2050.
According to the ADB’s statement, it will also assist EDC to conduct a nationwide study to explore the potential and opportunities for additional solar power capacity in combination with a battery energy storage system (BESS).
This BESS is likely to be implemented from 2022 to 2030.
The statement reads that “the 2 GW solar power project is in line with the strategy of the Cambodian government to meet its growing energy demand by maximizing the adoption of renewable energy and energy efficiency.”
Cambodia expects to expand the capacity of solar PV to 3 GW in 2040.
Meanwhile, ADB will also support in bidding of a 100 MW pilot project identified under the study to the private sector. This project is expected to “mobilize up to $100 million of investments and serve as a model to replicate fast and efficient procurement of affordable renewable power in Cambodia.”
This South East Asian nation plans to achieve 815 MW of solar power on its grid by 2030.