The Green Climate Fund (GCF) approved $12 million in a grant for Asian Development Bank’s program, which aims to increase renewable energy use in seven Pacific island countries, the bank announced on Monday.
Overall, the proposed Pacific Islands Renewable Energy Investment Program is expected to support 22 solar power plants, five wind farms, eight hydropower plants, seven energy storage facilities and 25 renewable energy mini-grids.
The program will assist Cook Islands, Tonga, Republic of Marshall Islands, Federated States of Micronesia, Papua New Guinea, Nauru, and Samoa move away from diesel power generation towards solar, hydropower and wind energy, the bank said.
Funding from the GCF will be used to install energy storage systems and support private sector investment in renewable energy in the Cook Islands.
“This investment will see renewable energy generation on the main island of Rarotonga increase from 15 percent to more than 50 percent of overall supply,” the bank said.
Additionally, GCF also approved a $5 million grant to develop energy plans, build skills, implement tariff and regulatory reforms and foster greater private sector participation in the energy sector.
By Zeynep Beyza Kilic