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Manila Bulletin devider Business devider The Economy devider ADB unveils fund to power ASEAN grid

ADB unveils fund to power ASEAN grid

Published Apr 7, 2026 02:00 pm

The Manila-based Asian Development Bank (ADB) has launched a multi-partner fund aimed at financing critical project preparation for cross-border energy and transmission infrastructure in the Association of Southeast Asian Nations (ASEAN), marking the first initiative of its kind in the region.

The Regional Connectivity Fund for Energy in Southeast Asia (RCF) is designed to support the development of the ASEAN Power Grid, the regional bloc’s flagship initiative to achieve fully integrated electricity grid operations by 2045, the ADB said in a statement on Tuesday, April 7.

“The ASEAN Power Grid is one of Southeast Asia’s greatest opportunities, with the potential to deliver energy security for nearly 700 million people and power the region’s growth. Thanks to the strong support of our partners, today’s launch of this project preparation fund is a decisive step toward accelerating high-quality ASEAN Power Grid investments and turning regional ambition into action,” ADB president Masato Kanda said.

According to the ADB, RCF will be implemented under the ASEAN Infrastructure Fund (AIF), Southeast Asia’s largest regionally owned infrastructure financing platform, and is expected to expand AIF’s scale and impact. Initial funding of about $25 million comes from contributions by the governments of Australia, Canada, Germany, and the United Kingdom (UK), as well as the European Union (EU).

Established in 2011 by ASEAN member states and the ADB, AIF aims to help close the region’s infrastructure investment gap by mobilizing resources for high-priority projects that drive economic integration and sustainable development.

Managed by the ADB in collaboration with the AIF Board and the 11 ASEAN member states, RCF will provide technical assistance (TA) and project readiness financing grants for energy infrastructure projects. These include feasibility studies (FS), engineering design, financial structuring, and safeguards assessments.

The fund will also support policy advice, regulatory reforms, capacity building, and knowledge sharing to improve the enabling environment for the ASEAN Power Grid, ensuring that projects are well-designed, bankable, and aligned with member countries’ priorities, the ADB said.

The multilateral lender cited that Southeast Asia’s energy demand is projected to triple by 2050, underscoring the need for reliable and affordable power supply. The ASEAN Power Grid is expected to facilitate access to electricity, including renewable energy (RE) sources such as solar, wind, and hydropower, according to the ADB.

The ADB has committed up to $10 billion over the next decade to support the ASEAN Power Grid and related investments, including cross-border power interconnections, national grid development, and RE initiatives that will enable regional energy trading.

In October last year, the ADB launched the ASEAN Power Grid Financing Initiative with the ASEAN Secretariat, ASEAN Center for Energy, and the World Bank to further advance regional energy integration.

Last month, the ADB said it was stepping up its support for ASEAN as its main development bank, including initiatives to deepen capital markets, enhance artificial intelligence (AI) readiness, promote the blue economy, and strengthen river basin resilience.

Related Tags

Asian Development Bank (ADB) Association of Southeast Asian Nations (ASEAN) ASEAN Power Grid Masato Kanda
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