Energy Fiji Limited (EFL) is embarking on an ambitious plan to secure approximately $2 billion in investments over the next decade, as announced by CEO Fatiaki Gibson at the inaugural EU-Pacific Business Forum in Nadi. This newly established blended financing strategy aims to fortify the nation’s energy sector, aligning with Fiji’s goal to increase its renewable energy target from 50% to 90%.
Mr. Gibson emphasized that the investment is fundamental to not only maintaining but also enhancing the energy infrastructure in Fiji. He stated, “If you look at EFL’s program for the next decade, we’re looking at $2 billion of investment that should secure the energy sector over the next decade.” The financing strategy has received the board’s approval, and a letter requesting technical assistance has been prepared for the European Union office.
The focus on renewable energy aligns with EFL’s prior commitments, as highlighted in previous announcements. Recently, the company detailed plans to allocate $200 million specifically for solar generation projects, aiming to develop additional capacities alongside significant investments in hydro and thermal power. EFL’s ambitious roadmap and collaboration with independent power producers (IPPs) are crucial steps, particularly in the solar sector, to achieve these energy targets.
EFL’s commitment to achieving a goal of 90% renewable energy by 2035 has also seen plans for a diverse energy mix including hydro, solar, wind, and geothermal resources. This initiative comes in response to increasing energy demands in Fiji, attributed to rising economic activities.
As EFL moves forward with its extensive investment blueprint, the collaboration with partners and the pursuit of innovative financing solutions are indicators of a proactive approach in transforming Fiji’s energy landscape into a sustainable and resilient power supply for the future. The future appears bright for Fiji, underpinned by EFL’s strategic direction towards a greener energy transition, which resonates with global sustainability initiatives while ensuring energy security for its citizens.
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