The Fijian Government in an agreement with Sevens Pacific PTE Limited a consortium and the Japan Bank for International Cooperation (JBIC) acquired 44 per cent shares in Energy Fiji Limited.
Sevens Pacific PTE Ltd is owned by the Chugoku Electric Power Company. Inc (CEPCO).
This was revealed in the 2022 EFL Annual Report.
The report revealed that the investment by CEPCO and JBIC is the culmination of an exhaustive process to identify a highly experienced and credentialed international partner to acquire a stake in EFL.
EFL Chair Daksesh Patel revealed that it was a critical objective of any transaction that the investor not only offer a financial investment to Fiji, but also contribute with their operational expertise and experience in electricity planning and development.
Patel said as a strategic partner of EFL, CEPCO has been supporting EFL with world-class practices in terms of cost-efficient, reliable operation and maintenance of facility; and well-planned and environment-friendly capacity development especially in the field of renewable energies.
“With Chugoku’s operational capacity and expertise at its disposal, EFL can perform better for the Fijians who rely on our services today, while transforming into the driving force behind Fiji’s renewable energy revolution.”
EFL Board Chair said CEPCO’s exceptional track record as an international, integrated electricity utility made them the ideal candidate for the divestment.
Patel said with CEPCO and JBIC as strategic shareholders, EFL will have the ability to tap into world-leading operational expertise, project delivery experience, technology and financial capacity to support the company in meeting the growing electricity demand of the nation and its renewable energy targets, while also providing reliable and affordable electricity to all Fijians.
“Fiji is wholly committed to an ambitious net-zero carbon emission target and plans to transition away from fossil fuels and to utilise exclusively renewable energy sources by 2050.”
“With more than 50 per cent of EFL’s electricity already generated by renewable sources, Fiji is well placed to achieve its long-term targets with the expertise and capital of CEPCO and JBIC.”
The report highlighted that EFL has found a reputable partner for change in CEPCO as it prepares to spearhead Fiji’s transition to carbon neutrality in future.
It when on to say that despite the obvious challenges the COVID pandemic has posed for cross-border agreements, Fiji and Japan has more than 52-year diplomatic relationship with the single-largest investment ever made by a Japanese company in Fiji.
The agreement was struck between the Government and Sevens Pacific PTE Limited in 2021.
