Honiara : 9 April 2017
The Solomon Islands Government hasannounced that two Solomon Islands delegations attending commercial negotiations and the 16th meeting of the Green Climate Fund (GCF) Board in South Korea have secured cornerstone finance with a USD$86-Million for the Tina Hydro Project in the Solomon Islands.
The undertaking of both national and international significance is, by virtue of the project’s financial composition and commercial structure, the first funding application of its kind to be submitted that was recognized as exceptional by Civil Society Organizations and endorsed by the GCF Board as a transformative project with a very strong environmental impact analysis and an Impressive goal for reducing the expensive cost of fuel.
With the GCF funding now approved, to date a total of USD$101M has already been formally secured by the SIG for the TRHPP in the form of both grants and concessional loans, with a minimum of USD$65M in additional funding which also has preliminary approval and though subject to pre-conditions, can be progressively made available over the coming months from various financial institutions which include the World Bank, South Korea’s Economic Development Corporation Fund and the Asian Development Bank.
Source : Solomon Islands Government Press Release.