The Asian Development Bank (ADB) and its partners have initiated a $35 million renewable energy project in the Solomon Islands, funded through a combination of loans, grants, and local contributions. The project is supported by a $10 million concessional loan and a $5 million grant from the Asian Development Fund, which assists ADB’s poorest member countries. The Saudi Fund for Development (SFD) and Solomon Power are each contributing $10 million, marking the first joint financing project between ADB and SFD. The Government of Solomon Islands is providing $7 million in exempted duties and taxes. Key components of the project include solar farms in Guadalcanal and Malaita provinces, the largest grid-connected battery storage system in the Pacific, and power sector reforms to encourage private sector investment. Additionally, solar hybrid systems for provincial grids and pilot rooftop solar systems in schools are part of the initiative.
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