Energy Fiji Ltd (EFL) and the Asian Development Bank (ADB) formalized their partnership yesterday by signing an agreement that designates ADB as the transaction adviser to EFL, aimed at advancing Fiji’s renewable energy initiatives.
EFL has expressed its goal to satisfy over 90 percent of Fiji’s electricity demand through renewable energy sources by the year 2035. To achieve this, ADB will assist EFL in assembling a portfolio of renewable energy projects and securing funding to enhance the national electricity grid, ensuring it can integrate these new energy sources along with the required supporting infrastructure.
ADB’s regional director for the Pacific Subregional Office, Aaron Batten, stated, “ADB is pleased to support EFL’s efforts to develop and expand their supply of energy from alternate renewable sources, such as solar and wind, through public-private partnerships that would enable independent power producers to operate.”
Currently, EFL generates 55 percent of its electricity from renewable sources, while 45 percent comes from fossil fuels, according to EFL chairman Rokoseru Nabalarua. He expressed gratitude to ADB for collaborating on a proposal submitted to the global climate fund, which secured significant funding assistance; EFL is among the first beneficiaries of this support.
Mr. Nabalarua mentioned, “We will work closely with ADB on initiatives related to our transmission system and the development of renewable energy, whether through EFL or independent power producers.”
The agreement was signed in the presence of ADB senior director for Energy Priyantha Wijayatunga and members of EFL’s board, highlighting its significance as a high-priority project for both organizations.