The Solomon Islands Renewable Energy Development Project will finance two solar farms and a utility-scale grid-connected energy storage system on the Solomon Islands. The Asian Development Bank, Saudi Fund for Development, and Solomon Power are all financing the project.
The Solomon Islands Renewable Energy Development Project plans to finance new solar farms in Guadalcanal and Malaita provinces, along with a utility-scale grid-connected energy storage system in Honiara, the country''s capital. It will also support a pilot for rooftop solar at two regional schools.
The project is being funded by a $10 million concessional loan and a $5 million grant from the Asian Development Bank (ADB), while the Saudi Fund for Development and state-owned Solomon Power are providing $10 million each. The government of the Solomon Islands is providing $7 million.
Almost all of the Solomon Islands'' grid electricity is diesel generated, with renewables making up around 2% of the energy mix. Shane Rosenthal, ADB''s Pacific liaison and coordination office regional director, said the project will reduce dependency on expensive fossil fuel imports.
"Poor access to clean and sustainable electricity and high electricity prices limit Solomon Islands'' opportunities for economic growth and prosperity," Rosenthal added. "[The project] will install additional solar capacity in the country and deliver the largest grid-connected battery storage system in the Pacific, which is a crucial first step in expanding grid-connected renewable energy through private sector investment."
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The Asian Development Bank is working with the Government of Solomon Islands and Solomon Power to convert electricity networks in five provinces almost entirely to solar power. The project will reduce the need for costly shipments of diesel to the provincial centers.
2. Business conditions created for private sector investment in solar home systemsStatus of Implementation Progress (Outputs, Activities, and Issues)Land acquisition activities ongoing.
Solomon Power thanks all applicants, and wishes to advice that only those who satisfy the Key Selection Criteria and are shortlisted for interview will be contacted. Therefore we will not be formally replying to all applications.
ADB today approved financing to support the Government of Solomon Islands and Solomon Power to convert electricity networks in five provinces almost entirely to solar power.
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