IFC backs Fiji solar project, search for partner can begin

Energy Fiji Ltd (EFL) has secured IFC backing for a solar project of at least 15 MW and can now proceed with the selection of a private-sector partner, the World Bank Group member said last week.

EFL and IFC have signed an agreement for the USD-15-million (EUR 12.7m) project, which supports Fiji’s plans to reach 100% renewable power by 2030. Currently, imported fossil fuels account for 45%, 50% is hydropower and just 6% come from biomass and wind.

IFC said Fiji’s fuel import bill stood at USD 500 million in 2019.

“Through this partnership with EFL, we hope to demonstrate how the private sector can be attracted to invest in renewable energy through a transparent process and well-structured project, setting an example for other Pacific nations,” said Deva De Silva, IFC Resident Representative in Fiji, Kiribati, Samoa, Tonga and Tuvalu.

The global development institution’s work in Fiji is supported by the governments of Australia and New Zealand under the Fiji Partnership. IFC will also help EFL explore potential renewable energy sources in Vanua Levu.

About 90% of Fijians are connected to the EFL grid. The daily generation required is 267 MW.

(USD 1 = EUR 0.85)

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