Energy Fiji Ltd is aiming to generate about 60 per cent of the country’s electricity from renewable sources by 2029 and at least 90 per cent by 2035 under a planned $2billion energy transition program.
Appearing before the Parliamentary Standing Committee on Economic Affairs yesterday, EFL chief financial officer Semisi Tawake said the shift to renewable energy remained the company’s most significant long-term priority.
“Our vision is clear,” Mr Tawake said.
“Subject to tariff, by 2029, EFL is targeting approximately 60 per cent renewable energy generation, and by 2035, we are targeting at least 90 per cent renewable energy generation.”
He said preparations for the transition were already well advanced, with EFL working closely with major development partners, including the Asian Development Bank and the World Bank.
“The work around that has already started. We’ve got the plan discussed with ADB and the World Bank, which we have placed with the board and discussed with the stakeholders, especially government, in regards to the plan going forward.”
Mr Tawake said EFL had also held discussions with development partners and financiers to secure funding for the ambitious program.
He said the board had approved a blended finance strategy that would draw on grants, concessional loans, corporate loans and other funding sources.
“We’re looking at the target of having term sheets ready within this year, as well as the financing agreements on all of this, subject to tariff by first quarter or by mid-next year so that we can accelerate the program that is there on the $2billion program.”
Mr Tawake said the initiative included about $400million in solar energy investments and major hydroelectric projects at Savatu and Qaliwana.
“Savatu to come in first by 2031, given the long-term construction that needs to be done on hydro, and one year after that Qaliwana.”
