Energy Fiji Limited (EFL) has unveiled a significant $2 billion capital expenditure plan aimed at various projects over the next four to five years. This announcement was made by the company’s CEO, Fatiaki Gibson, during his presentation at the 20th Asia Clean Energy Forum held in Manila, Philippines.
Gibson detailed the investment strategy necessary for maintaining the electricity supply and reaching renewable energy goals by 2029. The allocation of funds includes $200 million for solar generation with co-investment in grid-scale solar farms. Other key components of the investment plan are as follows:
– $731 million for strengthening and expanding transmission assets
– $39 million for upgrades to the control center to enhance grid operability
– $363 million for a new hydro generation project on the lower Ba River and $290 million for another on the upper Wailoa River
– $251 million earmarked for new thermal power stations at Vuda, Kinoya, and Labasa, along with $62 million for upgrades to existing facilities
Gibson highlighted that maintaining a reliable energy supply during the transition to renewable resources is crucial. He emphasized EFL’s commitment to achieving 60% of its electricity from renewables by 2029, with an ultimate goal of reaching 90% by 2035, incorporating various renewable sources such as hydro, solar, wind, and geothermal energy.
EFL is also strategizing blended financing options, considering partnerships with Independent Power Producers (IPPs) and exploring the Climate Investment Fund to support its ambitious investment agenda. Notably, this proactive approach comes amid growing energy demands in Fiji, necessitating an urgent shift to sustainable energy solutions.
This announcement, along with previous reports about EFL’s collaboration with the Asian Development Bank on renewable energy projects and its discussions with FIJI Water about solar energy contributions, underscores a robust commitment to enhancing Fiji’s energy landscape and ensuring a sustainable and resilient power supply for the future.
The future looks promising for Fiji’s energy sector as EFL’s plans reflect a significant step towards a greener energy transition aligned with both local and global sustainability goals.
Leave a comment