Tina: Hydropower Project Launches in Solomon Islands
Deal News | Nov 05, 2024 | Asian Development Bank
The construction of the Tina River Hydropower Project marks a significant milestone in the efforts to develop renewable energy sources in the Solomon Islands. The project, directed by the Asian Development Bank (ADB) and involving multiple international partners, is designed to reduce the nation's dependence on fossil fuels by providing sustainable electric power to the capital, Honiara. During the ceremonial start of construction, Prime Minister Jeremiah Manele emphasized the importance of partnerships in addressing climate change and fostering community development. The project will have a capacity of 15 megawatts and is being implemented through a build-operate-own-transfer scheme by Tina Hydropower Limited, a special-purpose company formed by Korea Water Resources Corporation and Hyundai Engineering Corporation Limited. Important financial backing is provided by ADB, comprising an $18 million loan and a $12 million grant, supplemented by contributions from the Abu Dhabi Development Fund, Australian government, Export-Import Bank of Korea, and Green Climate Fund. ADB reaffirms its dedication to a sustainable Asia and has invited numerous country representatives to witness the progression of this important renewable energy initiative.
Sectors
- Renewable Energy
- Infrastructure Development
- Finance and Investment
Geography
- Solomon Islands – The location of the Tina River Hydropower Project and the primary beneficiary of the renewable energy generated by the initiative.
- Asia-Pacific – The broader regional context, given the involvement of the Asian Development Bank which focuses on Asia and the Pacific.
Industry
- Renewable Energy – The article is centered around the initiation of a hydropower project, which is a key element in the renewable energy sector, aiming to supply clean electricity and reduce fossil fuel dependency.
- Infrastructure Development – Construction of the Tina River Hydropower Project represents significant infrastructure development in the Solomon Islands, involving major global engineering firms and financial entities.
- Finance and Investment – The article details the financial structure and investment support provided by multiple international and national financial institutions to fund the hydropower project.
Financials
- $18 million loan and $12 million grant – The financial support provided by the Asian Development Bank to the Tina River Hydropower Project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Asian Development Bank (ADB) | PE Firm | Company | ADB is leading the project with financial and strategic support, emphasizing the drive towards renewable energy and sustainable development in the Pacific region. |
| Tina Hydropower Limited | Target Company | Company | A special project company responsible for the implementation of the hydropower project, consisting of Korea Water Resources Corporation and Hyundai Engineering Corporation Limited. |
| Korea Water Resources Corporation | Project Participant | Company | Part of the special project company, involved in the construction and management of the hydropower plant. |
| Hyundai Engineering Corporation Limited | Project Participant | Company | Collaborating on the hydropower project as part of the special purpose company, contributing engineering and construction expertise. |
| Solomon Islands Government | Government | Government | Local governmental body supporting the project through involvement in ceremonies and legislative support for energy transformation. |