Asian bank seeks proposals from clean energy fund managers

The Asian Development Bank (ADB) seeks proposals from fund managers to establish up to five clean energy development funds to finance renewable energy, including small hydro and tidal projects. Proposals are due September 13.

ADB said energy use is on the increase in developing ADB member countries, primarily from fossil fuel generation that is environmentally and economically unsustainable. It issued the call for proposals to develop sources of risk capital that can be obtained by private companies for developing renewable energy and energy efficiency projects.

For purposes of the solicitation, the bank said renewable energy includes wind, solar, geothermal, biomass, biofuels, small hydro, tidal, and other forms.

ADB said it seeks proposals from private sector fund managers for formation, management, and partial ADB financing of up to five private equity funds that will invest for long-term capital appreciation in private companies and projects that are active in any aspect of greenhouse gas mitigation.

The bank said it intends to consider providing a total of up to US$100 million in limited partner interests, representing up to 25 percent of the total capitalization of a given fund. The balance of the fund’s capital is to be raised from other sponsors and private sector investors. The minimum aggregate capital of an individual fund should be more than US$40 million, ADB said.

The bank invites proposals by September 13 to the address below in both written and electronic form on CD or DVD. Short-listed candidates are to be notified October 12 and invited to meetings in Manila October 22-30. Due diligence site visits will be conducted November 14-30. Finalists will be submitted to the ADB board for approval February 27, 2008.

For information, contact Shin Kim, Investment Officer, PSOD, ADB, 6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines; (63) 2-6326195; Fax: (63) 2-6362347; Internet: www.adb.org/clean-energy-CFP/default.asp.

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