Financiers See Importance Of Tina River Hydro Project

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Jefferey Deve

 The Prime Minister’s Office said it appreciates the positive responses it has received from international financial institutions towards Tina River Hydro Development Project which is to be built near the capital, Honiara. 

The Resource Sector in the Prime Minister’s Office said the first of the positive responses have come from the International Renewable Energy National Agency, and the United Arab Emirates’ Abu Dhabi Fund for Development which has awarded the Government a US$15-million soft loan for the construction of the Tina River Hydro Project.

 The Government and its development partners such as the World Bank and Government of Australia are working together to accessing potential additional funds from Green Climate Fund for a US$86-million soft loan and grant, the Economic Development Corporation Fund of Korea for a US$31.6-million soft loan, the World Bank and International Development Association for a US$33.6-million grant and soft loan, and the Asian Development Bank for a grant of US$12-million and a soft loan of US$18-million respectively.

And in addition, the Resource Sector of the Prime Minister’s Office said the Government of Australia still maintains its on-going support for the project, indicating an allocation of grant funding towards the access road project.

And while the International Renewable Energy National Agency awarded the soft loan in January, other financial institutions are working towards board considerations of their proposed funding in the first half of 2017. 

The Resource Sector says since the United Arab Emirates announced its approval of funding towards the Tina River Hydro Development Project earlier in January, the Minister of Mines, Energy and Rural Electrification, David Day Pacha attended the 2017 Assembly of the International Renewable Energy Agency in Abu Dhabi to accept the award.

 Meanwhile, the Permanent Secretary of the Ministry of Mines, Energy and Rural Electrification, Jeffrey Sade Deve said the Tina River Hydro Development Project is a national flagship project to the Government.

 And he added that the Guadalcanal Provincial Government and its people will stand to benefit from the project because when completed, it will increase their access to grid electricity from Solomon Power.

 Mr Deve said all industries currently connected to the Solomon Power grid will benefit from the project, including those in the capital and surrounding areas.

And he concludes as the Solomon Power grid is expanded, users on the Guadalcanal Plains such as GPPOL (Guadalcanal Plains Palm Oil Limited) and others will be able to enjoy the benefits of Tina.