Energy Fiji Limited (EFL) is launching an ambitious initiative to secure around $2 billion in investments over the next ten years, aimed at strengthening the country’s energy sector and substantially increasing its renewable energy output. This announcement was made by EFL’s CEO, Fatiaki Gibson, at the inaugural EU-Pacific Business Forum in Nadi earlier this week.
Gibson highlighted that this investment is critical for fortifying the energy sector for the upcoming decade, with an aspirational goal of lifting Fiji’s renewable energy target from 50 percent to an impressive 90 percent. The funding plan, which has received board approval, will employ a blended financing strategy, and EFL is also in the process of drafting a letter to the European Union to seek technical assistance, particularly regarding financial advisory services.
The strategy reflects EFL’s dedication to working with independent power producers (IPPs), particularly in solar energy. Gibson noted the importance of integrating various renewable sources to meet the ambitious targets outlined in their strategic framework. Notably, prior reports suggest that nearly half of the $2 billion investment will focus on solar energy projects in partnership with IPPs, including plans to generate 165 megawatts of solar energy while enhancing grid capabilities.
Earlier communications from EFL have stressed the urgency of transitioning towards renewable resources, especially as energy demands continue to rise due to increased economic activities in Fiji. The company aims to create a diversified energy portfolio that includes hydro, solar, wind, and geothermal energy to ensure a resilient and sustainable power supply in the future.
Fiji’s energy landscape appears increasingly promising, bolstered by ongoing discussions with partners and stakeholders, showcasing EFL’s proactive stance on energy security. As the nation works towards achieving both local and global sustainability objectives, the initiatives to improve renewable energy infrastructure herald a greener and more sustainable future for Fiji.