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Renewable Energy Renewable Energy

RENEWABLE ROUNDUP

While global targets on ensuring access to affordable,
reliable energy for all under the Sustainable Development
Goals are unlikely to be met by 2030, take-up of renewables
is on track.
And while a number of Pacific Island nations are struggling
to meet their goals, there is progress.

Niue
Work is underway on the second phase of the Niue
Renewable Energy Project, which aims to enable Niue
to generate 80% of its power from renewable sources by
December 2025.
The new power station will be funded by Australia and New
Zealand.
Earlier this year, New Zealand Prime Minister Christopher
Luxon announced a NZ$20.5 million investment in renewable A new solar array in Palau
energy initiatives. He said the new energy project will begin
in the first quarter of 2025 and be commissioned by the end of
next year if work runs as scheduled. electricity network to evacuate energy from a solar power
plant and upgrading a portion of the existing 11kV network.
Solomon Islands
The Asian Development Bank (ADB) is one of the major Federated States of Micronesia and Palau
players in renewables finance and projects in our region and In FSM, the ADB has signed an agreement to explore
its representatives signed agreements with Solomon Islands renewable options for its islands and to consider public
and Tonga on the sidelines of COP29 in November. private partnerships (PPPs) to finance these developments.
Solomon Islands will take a US$10 million concessional loan This follows Palau’s PPP model, which involved financing
and a US$5million grant to help fund the Solomon Islands from Export Finance Australia (US$18 million loan), the
Renewable Energy Development Project. The Saudi Fund for Department of Foreign Affairs and Trade Australia (US$4
Development is co-financing the project with a commitment million grant) and two private sector investors – Solar Pacific
of US$10 million. and Sant Charitable Foundation providing US$8 million equity
The project will implement solar farms in Guadalcanal to build what is reportedly the largest solar project in the
and Malaita province with a total capacity of 2.5 megawatts, Western Pacific.
install Solomon Islands’ first utility-scale grid-connected Commissioned last year, that project supplies 20% of all
battery energy storage system for grid integration of more Palau’s energy.
renewable energy, support power sector reforms, and help
create the enabling environment for more private sector Fiji
participation and investment into renewable energy. Fiji’s Minister for Public Works, Transport and
Meteorological Services, Ro Filipe Tuisawau told a COP29 side
Tonga event that 55% of the country’s electricity already comes from
Meanwhile, the ADB rep and Tonga’s Minister of Finance, renewable sources, primarily hydropower.
Revenue and Customs signed grant agreements of US$4.6 “Fiji is also exploring innovative solutions like floating solar
million at COP29. The ADB provided US$1 million. on hydropower dams, which will help conserve water and
Co-financing includes US$1.5 million from the Clean increase energy supply,” he said.
Energy Fund (International Climate Initiative of the German
government) and US$2.1 million from the European Union. Samoa
Australia will provide grant financing equivalent to US$5.6 Finally, the ADB has approved support for a US$111 million
million, which will be provided as budget support directly project that will address the cross-cutting climate adaptation
to the Ministry of Finance of Tonga to jointly finance challenges of flood risk management, sustainable and reliable
expenditures in relation to procurement of goods and works. water supply, and renewable energy security.
The work will seek to help Tonga meet its 70% renewable The project will support construction of a multipurpose dam
energy target by constructing a new 33 kilovolt (kV) with a run-of-river small hydropower plant.

Islands Business, November 2024 33