ADB to provide USD 2m for solar in Samoa

The Asian Development Bank (ADB) has approved up to USD 2 million (EUR 1.7m) in financing for a project in Samoa that will expand an existing solar park to 6.2 MW.

The scheme envisages the construction of an up to 4-MW photovoltaic (PV) plant that will be an expansion of an existing 2.2-MW facility in partial operation, the lender said on Wednesday. ADB’s loan will be supported by an additional USD-1-million concessional financing package from the Canadian Climate Fund for the Private Sector in Asia as well as a preparatory technical assistance grant aimed at addressing some of the early-stage hurdles for solar power development.

The concessional loan has allowed the financial closure of the project, the ADB noted.

The funds will be provided to Jarcon Pty Limited and Sun Pacific Energy Ltd (SPEL), which will own and operate the photovoltaic (PV) park. Once operational, the facility is expected to generate 5.5 GWh of electricity annually and help save 1,644 tonnes of carbon dioxide (CO2) emissions. Construction on the expansion project is slated to begin this month and take less than six months.

“The project will increase access to affordable clean energy for the people of Samoa,” said Jackie Surtani, director for ADB’s private sector operations department. The lender pointed out that it anticipates the deal to demonstrate to private sector investors the bankability of renewable energy projects in the Pacific.

(USD 1.0 = EUR 0.835)

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