Hanoi (VNA) – A 50 million USD loan for Cambodia has been approved by the Manila-based Asian Development Bank (ADB) to support the country’s energy transition programme.
The lender said in a news release on December 15 that Cambodia’s energy transition sector development programme will be funded by a 40 million USD loan from ADB's concessional resources and a 10 million USD loan from the ASEAN Infrastructure Fund under its ASEAN Catalytic Green Finance Facility.
The programme supports the Cambodian Government's energy transition agenda towards mainstream renewable energy and energy efficiency while shifting away from fossil fuels, it noted.
According to the news release, the project investments under the programme 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.
Through policy reforms, renewable electricity generation by 2027 is expected to increase by at least 25% from a baseline of 4,672 gigawatt hours in 2021, the news release noted./.
