| Project Detail |
The proposed transaction technical assistance (TA) facility is aligned with ADBs Strategy 2030 operational priorities (OPs) 1, 2, 3, 4, 6 and 7 and aims to: (i)conduct required due diligence, provide project preparation, procurement, pre-implementation support, capacity building, and policy recommendations for two ensuing climate-adapted cross-sectoral integrated energy projects for approval in 2023-2025 under the Pacific Renewable Energy Investment Facility (PREIF). (ii) provide implementation support for the ensuing projects, and for other ongoing PREIF projects, as needed and subject to funds availability. Project Name Preparing the Pacific Renewable Energy Investment Facility, Phase 3 Project Number 49450-038 Country / Economy Regional Micronesia, Federated States of Marshall Islands Project Status Active Project Type / Modality of Assistance Technical Assistance Source of Funding / Amount TA 10080-REG: Preparing the Pacific Renewable Energy Investment Facility, Phase 3 Technical Assistance Special Fund US$ 3.50 million Strategic Agendas Environmentally sustainable growth Inclusive economic growth Drivers of Change Gender Equity and Mainstreaming Governance and capacity development Knowledge solutions Partnerships Private sector development Sector / Subsector Energy / Energy efficiency and conservation - Energy utility services - Renewable energy generation - solar Gender Equity and Mainstreaming Some gender elements Description The proposed transaction technical assistance (TA) facility is aligned with ADBs Strategy 2030 operational priorities (OPs) 1, 2, 3, 4, 6 and 7 and aims to: (i)conduct required due diligence, provide project preparation, procurement, pre-implementation support, capacity building, and policy recommendations for two ensuing climate-adapted cross-sectoral integrated energy projects for approval in 2023-2025 under the Pacific Renewable Energy Investment Facility (PREIF). (ii) provide implementation support for the ensuing projects, and for other ongoing PREIF projects, as needed and subject to funds availability. (iii)assess the feasibility of, and, as appropriate, design a successor investment facility to replicate the PREIFs streamlined and programmatic approach, which has resulted in efficiency gains and outpaced ADB overall in project processing time and start-up compliance. This facility will be designed to align with the Asian Development Banks (ADB) recent policy directions, including but not limited to the Energy Policy 2021, the Fragile and Conflict-Affected Situation and Small Island Developing States Approach 2021, and Paris Agreement alignment by 2025. (iv)identify potential eligible projects for processing under the PREIF and the successor facility, if approved, to help achieve ADBs $100 billion target for financing climate change mitigation, adaptation, and resilience by 2030. Project Rationale and Linkage to Country/Regional Strategy The Pacific Renewable Energy Investment Facility (the Facility), approved in June 2017, is designed to finance a large number of small-value renewable energy projects in the 11 smaller Pacific island countries (PIC-11). The facility supports the PIC-11 in transforming their power sectors from diesel to sustainable renewable energy generation sources; and supports sector reform, private sector development, and capacity building. The proposed F-TRTA will prepare additional ensuing projects and support ongoing projects under the facility and will include knowledge and support and capacity building components. The proposed TA is expected to support the PREIF across the remainder of its 10-year implementation period. |
