The Asian Development Bank has approved a loan of up to US$2 million to facilitate the development of solar projects in the country.
The ADB-administered Canadian Climate Fund for the Private Sector in Asia will provide an additional US$1 million concessional loan and also a preparatory technical assistance grant to help overcome any early-stage barriers to developing PV in the region.
Using the financing, Jarcon Pty and Sun Pacific Energy (SPEL) will expand a 2.2MW solar farm in Samoa that is in partial operation to up to 4MW.
The project sells power to Samoa’s state-owned utility Electric Power Corporation.
“Renewable energy sources are vital for Samoa’s efforts to achieve sustainable and inclusive development,” said Jackie Surtani, director for ADB’s private sector operations department (PSOD). “The project will increase access to affordable clean energy for the people of Samoa.”
“We hope this deal will demonstrate to private sector investors that developing bankable renewable energy projects in the Pacific can be achieved,” added Martina Tonizzo, ADB’s investment specialist.