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Tikoduadua: $1.5 bn Investment In Renewable Energy Needed

An estimated $1.5 billion in investment is needed over the next decade in Fiji’s renewable energy sector. This was highlighted by the Minister for Infrastructure and Transport, Pio Tikoduadua, during
10 Apr 2015 11:09
Tikoduadua: $1.5 bn Investment In Renewable Energy Needed
Minister for Infrastructure and Transport, Pio Tikoduadua (left), and Fiji Electricity Authority chief executive, Hasmukh Patel, at the Renewable Energy Investment Forum at the Holiday Inn Suva yesterday. Photo: RAMA

An estimated $1.5 billion in investment is needed over the next decade in Fiji’s renewable energy sector.

This was highlighted by the Minister for Infrastructure and Transport, Pio Tikoduadua, during the Renewable Energy Investment Forum.

The forum was held yesterday at the Holiday Inn Suva and attended by over 90 participants.

Mr Tikoduadua stressed such a significant investment cannot be financed by the public sector alone.

“Government’s commitment to increase the share of renewable energy in our power mix will come at a cost that cannot be borne by Government alone,” he said.

“Significant investments will be required from the private sector and investors both locally and internationally to ensure that Government is able to accomplish its goals.

“Increased private sector investment into the energy sector will mean that Government will be able to allocate more resources to other equally-pressing sectoral development needs of the country.”

Mr Tikoduadua revealed as yet, there has not been a single true (sole purpose and private sector) Independent Power Producer project in Fiji.

Renewable energy is a priority for Government as over $1 billion is spent on fuel imports alone which is a third of our total import bill.

Mr Tikoduadua said Government is adamant to bring out positive changes for a reversal in this trend.

“Government’s integrated energy plan is focused and committed towards a new renewable energy path,” he said.

“One which demands a new development approach, innovative thinking and cooperative actions to address our current and future level of energy consumptions.”

 

The forum

Stakeholders in the energy sector gathered at the forum which provided an opportunity to present new supporting conditions for investing in renewable energy.

The forum showcased some promising renewable energy power sector investment opportunities.

It was organised by the Department of Energy with support from the United Nations Development Programme (UNDP) and Global Environment Facility (GEF)-funded Fiji Renewable Energy Power Project (FREPP).

 SOME QUICK FACTS:

-Hydropower currently provides for over 50 per cent of Fiji’s electricity supply.
– In the medium term (until 2025), there is potential to raise the share of renewable energy power to over 80 per cent.

– This is given there are still likely a number of medium size undeveloped hydro sites and significant unexplored geothermal, solar and wind resources.

Feedback: rachnal@fijisun.com.fj

 

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