Pacific green energy projects secure USD 531m in financial support

Mar 27, 2013 - Over 40 renewable energy projects in the Pacific will get NZD 635 million (USD 531m/EUR 415m) in funds from a group of countries and global financial institutions, the New Zealand government announced yesterday.

At the close of the Pacific Energy Summit in Auckland it became clear that partners and donors will provide NZD 255 million in grants and NZD 380 million in loans to green projects in the Pacific. Among the investors are the Asian Development Bank (ADB), the European Investment Bank, the Japan International Co-operation Agency and the World Bank Group together with Australia, New Zealand, the European Union (EU) and the United Arab Emirates.

The summit, co-hosted by New Zealand, took place between March 24 and March 26. The event’s aim is to allow Pacific countries and territories to find development partners for energy efficiency and renewable energy initiatives. This year total of 79 project were presented, the government announcement said.

New Zealand Foreign Affairs Minister Murray McCully pointed to the Pacific region’s huge green energy potential in terms of hydro, solar, wind, biomass and geothermal energy, which provides an alternative to the expensive imports of fossil fuels. According to McCully, 80% of the Pacific regions’ power demand is currently satisfied with imported fuel.

(NZD 1 = USD 0.835/EUR 0.653)

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