On the remote island of Malekula, the second-largest island in Vanuatu, a new solar micro-grid is changing the lives of over 2,800 people -- boosting local development while contributing to Vanuatu''s sector specific target of transitioning to close to 100 percent renewable energy for electricity by 2030.
On the remote island of Malekula, a new solar micro-grid is changing the lives of over 2,800 people -- boosting local development while contributing to Vanuatu''s sector-specific target of transitioning to close to 100 percent renewable energy in the electricity sector by 2030.
The Financial Support Mechanism, spearheaded by BRANTV with support from the National Green Energy Fund (NGEF), now provides soft loans to kickstart renewable energy projects, including to women-led households and enterprises through a microfinance scheme.
The development objective of the Vanuatu Rural Electrification Project is to scale up access to electricity services and support increased penetration of renewable energy .
In the catalogue are different approved products that beneficiaries such as Households, Micro, Small and Medium Enterprises as well as Public Institutions can purchase with the funding assistance from NGEF.
NGEF has a Mission of being a financing vehicle for the Vanuatu Government for achieving 100% electricity access and 100% renewable energy by 2030 as outlined in Vanuatu''s National Energy Road Map (NERM 2016 – 2030).
The benefits of NGEF products are that the approval of products is based on a quality and design guideline for products which provide quality power and suitable for Vanuatu''s climate.
The Director General in her address during the launching said the sudden closure of the VREP II project on December 31, 2021 has immensely affected implementation of the NGEF Fund in terms of missing the 33% much-needed subsidy but more so, missing out on using the Standard Implementation Manual along with its solar PV products that were registered in the VREP II catalogue.
That is why a new catalogue with approved products had to be printed for use."I would also like to make mention of the progress of the Fund and its future opportunities as one of the first Government''s financial mechanism for the energy sector to assist in implementing the objectives of the Updated National Energy Road Map (NERM) by 2030. "NGEF is in its 4th year of Operations.
"Since its first solar PV projects that were implemented in December 2019, NGEF has attracted a total of 337 million Vatu worth of funding from the Vanuatu Government and the Vanuatu Utilities Infrastructure Limited (VUI) to support with its investments and operations," the Director General as the Chair of the NGEF Board said.
She continued that 87% of the funds received is contributing towards the establishment of the Fund''s revolving fund while the balance has supported the establishment of the office and its operations.
"In addition, the NGEF Board would like to express its gratitude to the People of South Korea for the first external funding of VT43.7 million Vatu that was provided to NGEF through a Grant Arrangement and signed between the Vanuatu Government and the Korean International Corporation Agency (KOICA) in September 2021.
"The Board has successfully funded a total 73 project sites under its lending product, by the end of 2021, and the projects include primary and secondary schools, cooperative societies, area council and provincial councils and tourism operators in the off-grid areas.
"Of the total loan disbursed, 34% has been repaid contributing to the revolving fund," DG Esline Garaebiti Bule said as she acknowledged solar vendors and other stakeholders involved.
Developing the vast renewable energy resources of Fiji, the Marshall Islands and Vanuatu would provide substantial socio-economic benefits for their citizens, according to three reports released today by the International Renewable Energy Agency (IRENA). Renewables Readiness Assessments for the three island nations find that a combination of solar, wind, geothermal, marine, biomass and biofuel could meet domestic energy needs while decreasing electricity costs, increasing energy access, and boosting energy independence.
“The development of local renewable resources in these island nations would decrease their dependency on fuel imports and reduce risks associated with oil price volatility,” said IRENA Director-General Adnan Z. Amin. ” The falling costs of renewable energy offers them an opportunity to rethink their energy strategies, develop policies and build institutions that would create jobs, bring power to those currently without and deliver more reliable electricity services, all while combatting climate change."
"Renewable energy is no longer just the best choice socially and environmentally, it is also the best choice economically for many countries in many parts of the world," said Mr. Amin. "It has never been cheaper for small island states to reduce electricity costs, increase energy independence and improve energy access through the deployment of renewable energy."
Renewables Readiness Assessments (RRAs) offer a holistic evaluation of conditions for renewable energy deployment in a country and outline the actions necessary to further improve these conditions. Since 2011, more than 20 countries in Africa, the Middle East, Latin America, the Caribbean, Asia and the Pacific Islands have undertaken the RRA process with IRENA to accelerate the domestic deployment of renewable technologies.
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