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The Asian Development Bank (ADB) has this week launched an ambitious renewable energy project designed to attract billions of dollars of private investment and deploy around three gigawatts of solar power across the Asia and Pacific region within the next three years.As well as providing direct financing and stimulating private sector investment, ASEI is hoping to raise $500m from donor countries in order to reduce the high up-front capital costs of investing in solar energy.

The ADB failed to privde many specific details about the ASEI scheme, revealing only that the scheme aims to identify and develop large capacity solar projects across the region capable of generate 3GW of solar power by 2012.

The scheme will also establish and host an international knowledge-sharing platform known as the Solar Energy Forum, that will track solar development projects, discuss new solar power proposals and incentive mechanisms.

he bank said it hopes to attract investment from commercial banks and the private sector by making available a range of pre-approved projects through the ASEI. It added that it would also encourage “knowledge sharing” between the bank and private investors and develop new financial mechanisms designed to attract externtal investment.

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