Tonga Power may get EUR 3m EIB loan for PV power project

(ADPnews) - Mar 11, 2011 - The European Investment Bank (EIB) said yesterday it is considering granting a loan of up to EUR 3 million (USD 4m) to Tonga Power Ltd for the development of a 1-MW solar photovoltaic (PV) power project in Tonga.

The project, with an estimated cost of up to EUR 6 million, will be implemented by New Zealand's state-owned power utility Meridian Energy Ltd, with off-take by Tonga Power.

The plant will be the first major grid-connected renewable energy project in Tonga, a small kingdom in the Pacific Ocean consisting of 176 islands.

(EUR 1.0 = USD 1.382)

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