As the European Union’s climate bank, the European Investment Bank (EIB) will continue to support and accelerate Fiji’s ambitious climate action and green transition goals, in particular by investing in hydropower projects.
The Bank after opening its regional branch in Suva earlier this week, signed a letter of intent with Energy Fiji Limited to support two major renewable energy projects, namely the Qaliwana and Vatutokotoko hydropower plants.
The projects will help to increase the share of renewable energy in Fiji’s generation capacity, bringing it up to 75 per cent from its current level of 60 per cent.
EFL chief executive Hasmukh Patel thanked the EIB and the EU for its vision to provide support towards renewable energy development and stated that EFL is keen to embark upon the development of these projects.
Ambassador and Head of the Delegation of the European Union for the Pacific, Sujiro Seam said: “Because climate change remains the most existential threat for the Pacific, the European Union and Fiji agree to direct the European Union Budget Support to the implementation of the climate act of Fiji.”
He said the letter of intent between the two parties complements the European Union Budget Support, with a commitment to assist with infrastructure investment, optimising synergies and reflecting a Team Europe approach.
The European Investment Bank (EIB) is the European Union’s long-term financing institution owned by its Member States.
It makes long-term finance available for sound investment in order to contribute towards EU policy goals.