Energy Fiji Limited (EFL) is embarking on an ambitious initiative to secure approximately $2 billion in investment over the next decade, aimed at bolstering the nation’s energy sector and significantly increasing its renewable energy capacity. This announcement was made by EFL’s CEO, Fatiaki Gibson, during the inaugural EU-Pacific Business Forum held in Nadi this week.
Mr. Gibson emphasized that EFL’s planned investment will play a pivotal role in solidifying the energy sector for the next ten years, with a vision to elevate Fiji’s renewable energy target from 50 percent to an impressive 90 percent. The projected funding will involve implementing a blended financing strategy, which has already received board approval. As part of these efforts, EFL is drafting a letter to the European Union to request technical assistance specifically for financial advisory services.
The strategy is also reflective of EFL’s commitment to collaborating with independent power producers (IPPs), especially in the solar energy domain. Gibson noted the importance of integrating various renewable sources to achieve the targets set out in their strategic plans. Previous reports have indicated that nearly half of the $2 billion investment will focus on solar energy, with significant projects planned in collaboration with IPPs. This includes initiatives aimed at generating 165 megawatts of solar energy and enhancing grid capabilities.
Earlier announcements from EFL highlighted the urgency to transition to renewable resources, particularly as energy demands continue to escalate in Fiji, attributed largely to rising economic activities. The company envisions creating a diverse energy portfolio that encompasses hydro, solar, wind, and geothermal energy, ensuring a resilient and sustainable power supply for the future.
The optimistic outlook for Fiji’s energy scenario is further complemented by ongoing discussions with partners and stakeholders, underlining EFL’s proactive approach to energy security. As the nation aligns itself with both local and global sustainability goals, the efforts to enhance renewable energy infrastructure promise a greener, more sustainable future for Fiji.