The Asian Development Bank’s (ADB) Independent Evaluation Department (IED) has concluded that Investments in Renewable Energy Development Sector has remained less effective and less successful primarily because of design faults, and financial and operational issues of the overall power sector.
IED of Asian Development Bank issued a Validation report where it was highlighted that Multiple facilities to the tune of $2.2 billion was arranged where ADB participated with 23%, Private Sector 41%, 18% from other lenders and ~17.7% from the Government.
The Validation report highlighted that design deficiencies remain in almost all of the facilities. Moreover, reevaluated IRR of the six projects remained below Weighted Average Cost of Capital.
The programme’s intended outcome of use of clean energy was partially achieved. However, overall, the programme remained less than successful.
