ADB backs Solomon Islands renewables with USD-12m package

Jun 16, 2014 - The Asian Development Bank (ADB) on Monday unveiled a USD-12-million (EUR 8.9m) financing package that will give a push to the construction of renewable energy facilities in Solomon Islands in Oceania.

More specifically, ADB will provide a USD-6-million loan and a USD-6-million grant to support the sovereign country’s efforts to boost power access and renewable energy production in Auki city, the capital of Malaita province. The Solomon Islands government will invest USD 3 million.

Under the plan, the Solomon Islands Electricity Authority will construct a hydropower plant on the Fiu river near Auki that will replace diesel power generation and extend power supplies to more homes. The planned facility will almost completely substitute diesel power production in Auki, said ADB’s vice president Lakshmi Venkatachalam.

(USD 1.0 = EUR 0.739)

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