Australia congratulates SI for reaching a major milestone in the Tina River Hydro Power Project
Quoting the Solomon Star newspaper – 9 December 2018
“Australia would like to congratulate the Solomon Islands Government and Solomon Power for reaching a major milestone for the Tina River Hydro Power Project this week.
“In the presence of the Prime Minister, the Hon Rick Houenipwela, key stakeholders, including the Deputy Prime Minister and Minister for Finance and Treasury, Manasseh Sogavare, and the Minister for Mines, Energy and Rural Electrification, Bradley Tovosia signed the key project agreements, officially moving the project from the preparation to the implementation phase.
“At the signing ceremony, the Australian High Commissioner, Rod Brazier, said “the benefits of this project will extend well beyond more reliable, cheaper and cleaner electricity that the project will deliver.
“Securing a bankable project of this scale, will also send a strong signal to the international business community that Solomon Islands is open for business, and demonstrate that it is capable of attracting credible international investors for what is the country’s first ever public private partnership.”
“The Australian Government has invested over AUD 10 million in support of the project’s preparation phase, and remains committed to seeing the project through to completion.
“To this end, Australia has committed an additional AUD 18.4 million to fund the construction of the access road to the dam site and power station. This brings Australia’s total contribution to AUD 28.8 million – approximately SBD 165 million – making Australia the largest grant financier of the project.
“Australia is a committed partner to the Solomon Islands, and economic growth is a key pillar of the Australian aid program.”
Copyright @ 2018, Solomon Star news.
