Saudi Arabia Invests Millions in Solomon Islands Solar Revolution
In a landmark move for green development in the Pacific, the Saudi Fund for Development (SFD) has announced a $10 million commitment to co-finance a major solar
The Asian Development Bank, Saudi Fund for Development, and Solomon Power are all financing the project. A project is now underway on the Solomon Islands to help the country accelerate its renewable energy generation.
Component 3: US$ 2.5 million is allocated to add grid-connected solar power to contribute to the overall share of renewable energy in Solomon Islands' energy mix.
The project is being funded by a $10 million concessional loan and a $5 million grant from the Asian Development Bank (ADB), while the Saudi Fund for Development and state-owned Solomon Power are providing $10 million each. The government of the Solomon Islands is providing $7 million.
Investing in the Solomon Islands can generate skills demand and employment opportunities, contributing to economic development. The Solomon Islands Census (2009) reported a total population of almost 516,000 with an annual growth rate of 2.3%.
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