ADB Supports Renewable Energy Transition in Fiji through PPPs

SUVA, FIJI (1 October 2024) — The Asian Development Bank (ADB) has been appointed as transaction advisor to Energy Fiji Limited (EFL) to support Fiji’s renewable energy goals. Fiji’s National Energy Policy, 2023–2030, aims to facilitate investment in, and access to, affordable, climate-resilient, and sustainable energy services.

Fiji primarily generates electricity through hydropower, however, a significant share of electricity generation comes from fossil fuels given variability of hydropower generation.

“ADB’s recently launched Fiji country partnership strategy for 2024–2028 emphasizes the importance of building Fiji’s resilience to economic and climate-related shocks,” said ADB’s Regional Director of the Pacific Subregional Office Aaron Batten. “ADB is pleased to support EFL’s efforts to develop and expand their supply of energy from alternate renewable sources, such as solar and wind, through public–private partnerships that would make space for independent power producers to operate.”

The expanded energy supply will be delivered to consumers using a network of upgraded transmission lines and de-risking instruments financed through the Climate Investment Funds Renewable Energy Integration program, which enables the country to access an overall envelope of highly concessional funds to support renewable energy.

“ADB will work with EFL in structuring and procuring well-designed renewable energy projects which will lead to greater competition and lower power prices to the consumers in Fiji,” said ADB’s Director of the Office of Markets Development and Public-Private Partnership Siddhartha Shah.

The agreement was signed in the presence of ADB Senior Director for Energy Priyantha Wijayatunga and EFL’s Board members to reflect the high priority that ADB and EFL place on this work.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.