NEWS RELEASE GCF Approves FDB’s Funding Proposal for Fiji AgroPhotovoltaic Project in Ovalau

FIJI DEVELOPMENT BANK

NEWS RELEASE

GCF Approves FDB’s Funding Proposal for Fiji AgroPhotovoltaic Project in Ovalau

The Fiji Development Bank (FDB) is one-step closer to introducing an innovative renewable energy source and farming techniques.

The solar Agrophotovoltaic (APV) project will be the first of its kind for Fiji and the region. The Green Climate Fund (GCF) approved its funding proposal at its 26th Board Meeting on 20.08.20.

The site for Fiji’s first APV project that includes a battery storage system will be Bureta in Ovalau, which will contribute to Fiji achieving its Nationally Determined Contribution of reduction of global GHG emission set under the Paris Agreement.

This investment in climate-resilient agriculture and paradigm shift to low emission and clean energy will create a catalytic environment for the replication of its success in other locations in Fiji.

It can also become a pioneering model for other Small Island States (SIDS).  FDB is excited to share knowledge with its sister development financing institutions in the Pacific and other parties on this innovative technology that maximises the use of arable land.

The Bank is extremely grateful to its development partners, the National Designated Authority – Ministry of Economy, Ministry of Infrastructure and Transport – Department of Energy,  Department of Environment, Energy Fiji Limited, the Ministry of Agriculture,  Korean-based Envelops Co., Ltd and the GCF Secretariat Private Sector Facility Team for their genuine collaboration in assisting the Bank to develop the Concept Note and Funding Proposal to GCF.

It has been a momentous learning experience for FDB Staff and the Bank would not be at this stage without the support of its development partners.

The project is valued at USD10 million and will be co-financed by GCF, FDB, Korea International Cooperation Agency (KOICA) and Envelops CO. LTD.

GCF financing is for the establishment of a solar APV plant, and to provide technical assistance in the form of capacity building for Energy Fiji Limited (EFL); Department of Energy; the local community in Ovalau in particular, Climate Change Unit of the Ministry of Economy, Department of Environment, Ministry of Agriculture and FDB.

Technical capacity building through KOICA is expected to benefit the Ministry of Agriculture and the local communities especially those in Ovalau.

There is emphasis on gender equity and social inclusion that will be managed by the project monitoring and evaluation system.

The project has significant social, economic, environmental, as well as gender-sensitive development co-benefits. It will also contribute towards six Sustainable Development Goals namely, SDG4 – Quality Education; SDG5 – Gender Equality; SDG7 – Affordable and Clean Energy; SDG 8 – Decent Work and Economic Growth; SDG 9 – Industry, Innovation and Infrastructure and SDG13 – Climate Action.

 

Most importantly, we are pleased to announce that this project has direct benefits to the community in Ovalau that will include those relating to clean energy, better living conditions, health benefits, job creation, climate resilience and food security.

-ENDS-

The Green Climate Fund (GCF) has approved the Fiji Development Bank’s (FDB) USD 5 million project funding to develop an innovative solar agrophotovoltaic and a battery storage system in Ovalau. The total project cost is USD 10 million and is co-financed by GCF, FDB and KOICA. Read more: GCF Approves FDB’s Funding Proposal for Fiji AgroPhotovoltaic Project in Ovalau