ADB ready to extend financing to support PHL grid system

The Asian Development Bank (ADB) is looking to extend up to a billion-dollar financing to strengthen the Philippine grid system in anticipation of the entry of new capacity coming from renewables, especially offshore wind.

- — Sheldeen Joy Talavera

“We are looking at strengthening your national grid,” ADB Senior Director for Energy Priyantha Wijayatunga told reporters on the sidelines of the Asian Clean Energy Summit here on Wednesday.

Mr. Wijayatunga said that a request was sent to ADB to support the country’s grid, adding that the transmission system “has not been adequately strengthened in recent times to absorb renewable energy from offshore wind.”

The ADB official said that the loan may be extended in a form of sovereign or non-sovereign financing.

“Maybe even up to about a billion dollars. It can be. It’s a lot of money, not small money, because you need a lot of money when it comes to these large investments,” he said when asked on the amount the loan may entail.