The Green Climate Fund has approved US$86 million in financing to aid the Solomon Islands advance its 20-MW Tina River hydroelectric project.
The Tina River project is being developed to help the country decrease its use of imported fossil fuel and will, according to the World Bank, allow the Solomon Islands exceed the government’s 2024 gas emissions target by more than two-and-a-half times.
The bank said the South Pacific islands are home to some of the most expensive retail power tariffs in the world at US$0.65 p/kWh, while 97% of all power generated in the country is produced using diesel. Only 12% of the country’s population is currently connected to the electrical grid.
HydroWorld.com reported in January that the International Renewable Energy Agency and Abu Dhabi Fund for Development had jointly pledged $15 million for the Tina River plant.
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