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Add to Preferred SourcesThe World Bank Group has welcomed the signing of a series of key agreements which will help deliver cheaper and more reliable, renewable energy to the Solomon Islands through the Tina River Hydropower Project.
People in the Solomon Islands pay among the highest prices in the world for electricity, placing huge strains on families and businesses. The Tina River Hydropower Project aims to increase the amount of renewable energy in the Honiara national grid by nearly 70 percent while reducing reliance on expensive diesel power. The project will also pave the way for the country to exceed its 2025 greenhouse gas emissions reduction target by two and a half times.
Tina River Hydropower Development Project is Solomon Island’s first large-scale infrastructure project to be developed as a public-private partnership in the Solomon Islands and was designed to help lower electricity prices for consumers.
“Since this project was first proposed, all parties have remained focused on delivering cheaper and more reliable power to Solomon Islanders through renewable energy,” said Guido Rurangwa, the World Bank’s Country Representative in the Solomon Islands. “We congratulate the Solomon Islands Government and Solomon Power on reaching this important milestone that will ultimately improve the lives of thousands of Solomon Islands families, businesses and the country as a whole.”
“This project will lead to a shift from nearly 100 percent diesel to majority renewable energy for the people of Solomon Islands,” said Milissa Day, IFC’s Representative for the Solomon Islands. “This dramatic transition from the diesel to renewable energy and from the public to private investment shows what is possible for small island nations seeking lower energy costs and with a commitment to renewable energy, which is vital for this region as it adapts to the challenges of climate change.”
IFC’s work in Solomon Islands is guided by the Pacific Partnership.
Original source: IFC
Published on 6 December 2018