Project Data Sheet
Project 49450-004
Project Data Sheet
Project 49450-004
| Project Name | Pacific Renewable Energy Investment Facility (formerly Pacific Renewable Energy and Energy Efficiency Investment Facility) | ||||||||||||
| Project Number | 49450-004 | ||||||||||||
| Country / Economy | Regional Cook Islands Fiji Micronesia, Federated States of Kiribati Nauru Marshall Islands Samoa Solomon Islands Tonga Tuvalu Vanuatu |
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| Project Status | Active | ||||||||||||
| Project Type / Modality of Assistance | Grant Loan |
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| Source of Funding / Amount |
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| Strategic Agendas | Environmentally sustainable growth Inclusive economic growth Regional integration |
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| Drivers of Change | Governance and capacity development Knowledge solutions Partnerships Private sector development |
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| Sector / Subsector | Energy / Energy sector development and institutional reform |
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| Gender | No gender elements | ||||||||||||
| Description | The majority of Pacific Small Island Developing States (SIDS) are heavily dependent on diesel for power generation which has resulted in high electricity tariffs. The average supply cost for electricity across the Pacific is about $0.45/kilo-watt hour (kWh), which is high by international standards._The high cost of electricity is negatively impacting economic growth. Over reliance on imported fuel also depletes limited foreign reserves and exposes the SIDS economies to diesel price spikes. The proposed investment facility in renewable energy will target eleven smaller Pacific SIDS. Ten of the participating SIDS, except for Solomon Islands, are among the world's 25 smallest countries by population size. Total population of the eleven countries is less than 1.5 million. | ||||||||||||
| Project Rationale and Linkage to Country/Regional Strategy | Pacific SIDS have recognized the need to structurally shift power generation from diesel to renewable energy and all have aggressive national renewable energy targets, in some cases of up to 100%. The SIDS are endowed with cost-competitive renewable energy resources. However, the lack of access to adequate funding has limited the uptake of renewable energy. In order to fill the financing gap, Pacific SIDS are attracting independent power providers to invest in the sector amid significant barriers to entry of the private sector. Additionally, Pacific SIDS face significant capacity barriers to plan, design, implement and manage renewable energy investments. Continuous sector reform is also required to encourage the structural shift. | ||||||||||||
| Impact | Improved regional energy security in the Pacific. |
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| Project Outcome | |
|---|---|
| Description of Outcome | Increased generation of lower cost, reliable, and clean energy |
| Progress Toward Outcome | |
| Implementation Progress | |
| Description of Project Outputs | Renewable energy generation plants put into operation by Pacific SIDS Transmission and distribution constructed or rehabilitated by Pacific SIDS Efficiency of X diesel power systems improved by Pacific SIDS Energy sector reform undertaken in seven Pacific SIDS |
| Status of Implementation Progress (Outputs, Activities, and Issues) | |
| Geographical Location | Regional |
| Safeguard Categories | |
|---|---|
| Environment | B |
| Involuntary Resettlement | B |
| Indigenous Peoples | A |
| Summary of Environmental and Social Aspects | |
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| Environmental Aspects | |
| Involuntary Resettlement | |
| Indigenous Peoples | |
| Stakeholder Communication, Participation, and Consultation | |
| During Project Design | |
| During Project Implementation | |
| Responsible ADB Officer | Tiangco, Cinderella C. |
| Responsible ADB Department | Pacific Department |
| Responsible ADB Division | PAEN |
| Executing Agencies |
Asian Development Bank |
| Timetable | |
|---|---|
| Concept Clearance | 24 Nov 2016 |
| Fact Finding | 18 Oct 2016 to 18 Oct 2016 |
| MRM | 28 Apr 2017 |
| Approval | 22 Jun 2017 |
| Last Review Mission | - |
| Last PDS Update | 29 Sep 2017 |
| Financing Plan | Loan Utilization | ||||
|---|---|---|---|---|---|
| Total (Amount in US$ million) | Date | ADB | Others | Net Percentage | |
| Project Cost | 200.00 | Cumulative Contract Awards | |||
| ADB | 200.00 | - | 0.00 | 0.00 | % |
| Counterpart | 0.00 | Cumulative Disbursements | |||
| Cofinancing | 0.00 | - | 0.00 | 0.00 | % |