Financing clean energy

Posted on . Filed under InfrastructureUseful Articles. Be the first to comment.

When it comes to financing clean energy, the Fiji Development Bank (FDB) is always at the forefront in the Pacific region.  In 2013, FDB provided a total of FJD$2.17 million (USD1.22 million) for the financing of two projects of SunergiseFiji Limited, a solar power company whose core business is to deliver solar power to governments, businesses, homeowners and communities.  The company’s projects included the “Port Denarau Marina in Nadi and the Future Farm Factory (broiler) in Ba, respectively.  These projects were financed under the Sustainable Energy Financing Facility (SEFP) which is available through the Reserve Bank of Fiji’s Import Substitution and Export Finance Facility (ISEFF) at a concessional rate of 5%p.a.  ISEFF is available through the FDB and also other local financial institutions. With the Port Denarau Marina Project, Sunergise installed 122KW solar panels capable of generating 190,000 kWh annually, making it the largest such project for a marina anywhere in the world at the time, as well as the largest on-grid commercial power generator in Fiji.  The Port Denarau Marina rooftop solar system provides clean, green sustainable power for a community at the front line of climate change.  For the Future Farms project, Sunergise installed 250KW roof-mounted solar panels at the poultry farm for on-grid connection.   The benefits of financing such projects helps Fiji reduce its reliance on fossil fuels for the generation of electricity.  Aside from the immediate environmental benefits, these will also provide substantial savings in operating cost for businesses which can potentially translate into better wages and benefits for employees.

 

FDB’s “Sunergise Fiji Limited” was winner of the ADFIAP Outstanding Development Project Award 2014 under the Infrastructure Development category.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.