Australia, through the Australian Infrastructure Financing Facility for the Pacific, has signed a USD22 million (AUD 29 million) financing package with Solar Pacific Pristine Power Inc. to build a solar facility and battery storage system at Ngatpang on Babeldaob in Palau. The solar facility will connect to the Palau Public Utilities Corporation’s grid network.
The AIFFP financing includes a loan of up to USD18 million and additional funds of up to USD4 million to Solar Pacific Pristine Power Inc to develop the project.
AUD 29 million
Solar Pacific Pristine Power Inc (a subsidiary of Solar Pacific, a part of the Alternergy group)
The Palau Solar Project is Palau’s first utility-scale solar power plant. It is anticipated to deliver up to 23,000 megawatt hours per year to the grid network. This will help to reduce Palau’s dependency on imported diesel for power generation and move towards greater energy self-sufficiency through renewable sources. The plant is anticipated to provide approximately 20 per cent of Palau’s power needs.
The project is expected to support up to 150 local jobs during peak construction phase providing a much-needed boost to Palau’s economic recovery.