Final agreements signed for Solomon Islands' Tina hydropower project
A series of final agreements have been signed to bring the start of construction closer on the long-awaited Tina River Hydropower Development Project in Solomon Islands.
commercial agreements signed includee the On-lending Agreement between the Tina River Hydropower project company and Solomon Islands’ Ministry of Finance & Treasury, as well as agreements related to the funding support from the Asian Development Bank, which confirmed a commitment of $30 million to the project.
The ADB now joins the Abu Dhabi Fund for Development, the Australian Government, Green Climate Fund and the Korea-EX-IM Economic Development Cooperation Fund, all of which, alongside World Bank Group, have all committed to supporting the project.
The project, when up and running, is expected to significantly reduce the cost of electricity for Solomon Islanders. It is also expected to dramatically reduce Solomon Islands’ greenhouse gas emissions – and cut Solomon Islands’ reliance on expensive diesel petrol for energy in favour of clean, renewable sources. It is expected to shift Honiara’s grid from 3% renewable in 2017 to 68% at the time the project is commissioned; expected in 2024.
