The government of the Solomon Islands yesterday announced the formal completion of a financing agreement for the Tina River Hydropower Development Project.
A statement from Tina Hydropower said this will see the Solomon Islands move from virtual total reliance on imported diesel to majority renewable energy that will significantly cut power costs and emissions. It marks the first large-scale infrastructure project for the Solomon Islands to be developed as a public-private partnership (PPP).
It says the financing package for the project is worth over US$200 million. This is provided through loans and grant from International Development Association (IDA), the Green Climate Fund (GCF), the Republic of Korea’s Economic Development Cooperation Fund (EDCF), the Abu Dhabi Fund for Development (ADFD), the Asian Development Bank (ADB), and the Australian Government.
