New Delhi: The Asian Development Bank (ADB) approved a financing arrangement to support Fiji’s renewable energy transition. The agreement will allow for the development of renewable energy projects through public-private partnerships, which would make space for independent power producers to operate, an ADB press release stated.
Under the financing agreement between the Asian Development Bank (ADB) and Energy Fiji Limited (EFL) signed in Suva Monday, the ADB will provide $10 million in financing to support the renewable energy supply. According to the release, the expanded energy supply will be delivered to consumers using a network of upgraded transmission lines and de-risking instruments financed through the Climate Investment Funds Renewable Energy Integration program.
The ADB’s financing will help Fiji to diversify its energy supply and meet its climate change mitigation and adaptation goals. The country generates electricity primarily through hydropower, however, with little dependency on fossil fuels.
“ADB will work with EFL in structuring and procuring well-designed renewable energy projects which will lead to greater competition and lower power prices to the consumers in Fiji,” read the press release. The ADB is committed to supporting Fiji’s efforts to achieve a prosperous, inclusive, resilient, and sustainable development, it added.
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