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The Asian Development Bank (ADB) has US$600million funds available for renewable power projects in Papua New Guinea.
Country Director of the banks Papua New Guinea Resident Mission said this in his presentation at the PNG Investment Forum in Sydney.
Mr Hill said, The impact of the program will be improved socio-economic conditions through increased utilization of clean reliable electricity.
The ADB plans to boost access to green and reliable energy supply in the project areas by raising the Private Sector Investments through the establishment of a Renewable Energy Financing company (REFC) in promoting renewable energy solutions in off and on grid areas, facilitating transaction services.
Mr Hill added, The plan is to expand the transmission networks to connect large loads to existing grids, interconnect provincial centers and the high density rural populations.
Moreover, the distribution networks to build distribution lines and connect households in peri-urban and rural communities will be extended as well as increasing renewable energy for provincial grids including the conversion of diesel generation to renewable energy to reduce the cost of diesel generation in provincial centers and increase capacity to supply the increased load from expanded transmission and distribution networks.
Furthermore, the distribution networks to construct distribution lines and connect homes in peri-urban and rural communities will be extended as well as increasing renewable power for provincial grids including the conversion of diesel production to renewable energy to cut the cost of diesel generation in provincial centers and increase capacity to supply the increased load from expanded transmission and distribution networks.