26 November 2019| Article
Committing private capital to the deployment of renewable energy projects in the Pacific Small Island Developing States (SIDS) has been the focus of a roundtable that kicked off on Monday 25 November 2019 in Nadi, Fiji. The capacity building roundtable on the design of bankable power purchase agreements in the Pacific SIDS was organised by the International Renewable Energy Agency (IRENA), in partnership with the Pacific Power Association, Pacific Community, Pacific Centre for Renewable Energy and Energy Efficiency, World Bank and the International Finance Corporation. The event was opened by Pacific Power Association Executive Director, Mr Andrew Daka and IRENA’s Programme Officer, SIDS Lighthouses, Ms Arieta Gonelevu Rakai.
The roundtable aimed at showcasing concrete lessons from project development in the Pacific and highlighted best practices and lessons learnt from the project development and investors. Projects included the Tonga Solar Photovoltaic (PV) Project, implemented by Sunergise New Zealand and funded by the Asian Development Bank, the Oil Search Project (Biomass & Solar PV) in Papua New Guinea for which the International Finance Corporation is considering providing financing, the Akuo Solar PV Energy Project in New Caledonia and the Sustainable Energy Financing Project that is being implemented by Fiji’s Ministry of Infrastructure and Transport, Department of Energy and funded by the World Bank.
This week-long event builds on the previous capacity building activities that the utilities have undertaken in the design of bankable power purchase agreements and is expected to contribute to the improvement and enhancement of the power utilities capabilities and regulators to design and negotiate bankable contracts. Its ultimate goals is to contributing to effective commitment of private capital to the deployment of renewable energy projects in the Pacific SIDS. This is also in line with the Pacific Energy 4th Pacific Regional Energy and Transport Officials Resolutions and Minister’s Outcomes in strengthening Pacific SIDS capacity to accelerate renewable energy transition.
The event has been well attended by participants from government ministries and departments responsible for the renewable energy development mandate, 12 power utilities, 5 regulators, 4 private sector and 7 development partners.