Saudi Fund for Development (SFD) CEO Sultan Al-Marshad signed a $10 million development loan agreement with Minister of Finance and Treasury of the Solomon Islands Manasseh Sogavare to support a renewable energy project in the Solomon Islands, reported SPA.

 

The project aims to develop renewable energy infrastructure in the country by establishing solar power plants with a total capacity of 35.5 megawatts, along with energy storage systems measured in megawatt-hours, to reduce reliance on conventional energy sources and support sustainable development goals, fostering both economic and environmental growth in the region.

 

The agreement marks SFD’s first development loan to the Solomon Islands.