THE Nabou Green Energy Ltd power plant was conceived at a chance meeting between the chairman of Tropik Wood, Fiji’s ambassador in Korea in 2012, Prime Minister Voreqe Bainimarama and GIMCO representatives at Incheon Airport, Seoul, in 2012.
According to a statement from the company, the party agreed to explore the opportunity for an investment in Fiji’s energy sector.
“From the initial meeting in 2012, GIMCO moved to Fiji, explored the viability for a biomass plant and with the support of Government and Fiji Electricity signed a Power Purchase Agreement (PPA) for 25 years,” the website stated.
“Given the stature of such a project and being one of the first in Fiji and the South Pacific, there was always going to be a tough time to attract local investors as it was very difficult to predict accurately if the project will be successful and deliver great returns for investors.
“The lone local owned and operated entity, Tropik (Fiji) Ltd, provided 5000 hectares of land for the construction and growing of the feedstock for the proposed biomass plant. With all the uncertainty and risks, GIMCO decided to obtain funding from Korea. “It was at this stage GS Power and Mirae Asset Daewood came on board and invested financially.
“With the support of GS Power, Mirae Asset Daewoo and Tropik (Fiji) Ltd, Nabou Green Energy Ltd was formed.”
Construction of the power plant officially began in April, 2015 and lasted 28 months before its official opening in July, 2017. According to the company, the unique feature of the power plant was its ability to use the widely available, fast growing, energy dense Gliricidia Sepium or banicagi.
The plant also utilities African Tulips which has been classified as an invasive species by the Department of Forestry.
