2024 Sep 27
ASEAN Centre for Energy Secures World Bank’s Technical Assistance Programme Grant to Support the ASEAN Power Grid
Vientiane, 1 October 2024 – The ASEAN Centre for Energy (ACE) is delighted to announce the approval of a USD 5 million technical assistance grant from the World Bank to support the ASEAN Power Grid (APG) on Friday, 27 September 2024. This announcement was made at the 24th ASEAN Energy Business Forum (AEBF-24) in Vientiane, Lao PDR. Prior to the public announcement, the funding was shared with ASEAN energy ministers during the 42nd ASEAN Ministers on Energy Meeting (AMEM) and its Associated Meetings on 26 September 2024.
The initial grant will further support the development of APG to enhance interconnectivity and resilience in Southeast Asia as part of the implementation of the ASEAN Plan of Action for Energy Cooperation (APAEC). This grant will play a critical role in advancing energy security, accessibility, affordability, and sustainability in the region and will be managed under ACE in response to tailored the specific needs of the ASEAN Member States (AMS).
Beni Suryadi, Acting Executive Director of ACE, expressed ACE’s commitment to advancing the region’s energy goals through this collaboration, stating, “It is with great honour for me to announce that the grant agreement between the World Bank and the ASEAN Centre for Energy (ACE) has been approved by the World Bank Board on 24 September 2024. This grant is approved to be part of the Accelerating Sustainable Energy Transition (ASET) Multi-phased Approached (MPA), a 10-year regional initiative by the World Bank that aims to finance up to USD 2.5 billion of investments
in renewable energy and regional power trade.”
This technical assistance grant by the World Bank will have an initial allocation of USD 5 million to accelerate the energy transition in Southeast Asia. Both parties agreed that the fund would support regional renewable energy policy and climate financing, regional power trade, knowledge sharing, consultations, and capacity-building programmes.
As part of the agreement, ACE will establish a Project Management Unit (PMU) to oversee the programme implementation, focusing on three core pillars: regional renewable energy policy and climate financing, regional power trade, and capacity- building initiatives.
The initial grant will further support the development of APG to enhance interconnectivity and resilience in Southeast Asia as part of the implementation of the ASEAN Plan of Action for Energy Cooperation (APAEC). This grant will play a critical role in advancing energy security, accessibility, affordability, and sustainability in the region and will be managed under ACE in response to tailored the specific needs of the ASEAN Member States (AMS).
Beni Suryadi, Acting Executive Director of ACE, expressed ACE’s commitment to advancing the region’s energy goals through this collaboration, stating, “It is with great honour for me to announce that the grant agreement between the World Bank and the ASEAN Centre for Energy (ACE) has been approved by the World Bank Board on 24 September 2024. This grant is approved to be part of the Accelerating Sustainable Energy Transition (ASET) Multi-phased Approached (MPA), a 10-year regional initiative by the World Bank that aims to finance up to USD 2.5 billion of investments
in renewable energy and regional power trade.”
This technical assistance grant by the World Bank will have an initial allocation of USD 5 million to accelerate the energy transition in Southeast Asia. Both parties agreed that the fund would support regional renewable energy policy and climate financing, regional power trade, knowledge sharing, consultations, and capacity-building programmes.
As part of the agreement, ACE will establish a Project Management Unit (PMU) to oversee the programme implementation, focusing on three core pillars: regional renewable energy policy and climate financing, regional power trade, and capacity- building initiatives.