Saudi Fund for Development inks $10 million pact to ramp up renewable energy in the Solomon Islands.

Through a $10 million agreement with the Saudi Fund for Development (SFD) the Solomon Islands has obtained funding to enhance its renewable energy infrastructure. The project includes the construction of 35.5-megawatt solar power plants together with energy storage systems that have a megawatt-hour capacity to reduce fossil fuel consumption. The initiative supports sustainable development while creating economic benefits and environmentally friendly expansion for the Pacific country.

SFD enters the development loan market for the first time through its funding of the Solomon Islands while demonstrating its commitment to support developing countries and small island nations that struggle with economic, social and environmental challenges. The SFD has provided more than 800 projects worth $21 billion to 100+ countries since 1974 to establish access to essential services and promote community development and inclusive growth across the world.