MIGA Covers K-Water & HEC Investment in Solomon Islands’ First Hydropower Project

Tina River Hydropower Development Project will help reduce dependency on imported diesel fuel, avoid 1.3 million tons of CO2. WASHINGTON DC, March 19, 2020 The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, has issued guarantees that will support the development, financing, construction, operation, and maintenance of the Tina River Hydropower Development Project in the Solomon Islands. The guarantees, issued to Korea Water Resources Corporation (‘K-Water’) and Hyundai Engineering Co., Ltd. (‘HEC’) and amounting to US$14.094 million, cover 90 percent of the equity investments and future earnings in the Project for up to 20 years through …

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Tina River Hydropower Project reaches financial close

Tina River Hydropower Project reaches financial close

Financing packages for the Tina River Hydropower Development Project, estimated to reach US $240 million, have been finalised in Honiara. This major milestone for the 15-megawatt hydropower infrastructure project now clears the way for construction to commence late January 2020.  Six financing organisations have come together to make the vision for clean renewable energy and more affordable electricity, a reality for the government and its people.  The project is being financed through a combination of loans and grants; with a final cost for building the hydropower dam and station estimated at US$184 million. The total project cost is expected to reach …

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The Tina River Hydropower Project is on track for a Royal visit

Tina River Hydropower Project on track for Royal visit

The serious environmental problems currently facing Solomon Islanders will be high on the agenda when His Royal Highness Prince of Wales Prince Charles makes his first-ever visit to the Solomon Islands on November 24th and 25th. In a two-day visit, Prince Charles will meet with Prime Minister Manasseh Sogavare and other leaders in Honiara who will discuss, amongst other things, the consequences of climate change on island life. With a focus on solutions for the future, the Solomon Islands Government (SIG) will brief his Royal Highness on their commitment to the reduction of greenhouse gas emissions through the Tina River …

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Crucial final agreements signed for Tina River Hydropower Project

Signing of ADB financing Agreement Tina River Hydro Project

The Engineering Procurement and Construction (EPC) contract for the Tina River Hydropower Project has been signed between Tina Hydro Power Ltd (THL) and Hyundai Engineering Company Ltd (HEC) on the 30 September 2019 in Honiara, Solomon Islands. The Engineering Procurement and Construction (EPC) contract for the Tina River Hydropower Project has been signed between Tina Hydro Power Ltd (THL) and Hyundai Engineering Company Ltd (HEC) on the 30th of September 2019 in Honiara, Solomon Islands. This is the latest key signing which follows the signing of the On-lending Agreement between THL and the Ministry of Finance and Treasury (MOFT), the …

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TRHDP Development Consent Granted

TRHDP Development Consent Granted

On 25th July 2019, the Director of Environment and Conservation Division (ECD) under Ministry of Environment, Climate Change, Disaster Management and Meteorology (MECDM) approved Tina Hydropower Limited’s (THL’s) Development Application for the Tina River Hydropower Development Project (TRHDP) and granted THL the Development Consent under section 22 and 24 of the Environment Act 1998, to undertake the development of TRHDP. The development consent is applicable for component 1 and 2 of TRHDP that comprise the construction of access roads and main project works including dam, reservoir, power station and tunnel. The development consent outlines several conditions including those prescribed in …

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GREEN Climate Fund (GCF) will soon release USD$86 million for the Tina Hydro Project

GREEN Climate Fund (GCF) will soon release USD$86 million for the Tina Hydro Project

GREEN Climate Fund (GCF) will soon release USD$86 million (SBD$669,010,391.46) for the much-awaited Tina Hydro Project in central Guadalcanal. This followed the signing of an Accreditation Master Agreement (AMA) between GCF and the World Bank, Monday, on the margins of the 23rd climate change summit currently underway in Bonn, Germany. “The signing of the AMA opens the way for GCF to transfer its funding support to Tina Hydro Project in Solomon Islands.” GCF Executive Director Howard Bamsey. “The GCF and the World Bank share an understanding about the vital need to finance innovative infrastructure and clean technologies in developing countries …

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Energy Minister Confirms Tina Agreements in 2017

Energy Minister Confirms Tina Agreements in 2017

Minister for Energy, Honourable Bradley Tovosia has confirmed the government’s intention to ensure that the key Tina Hydro project agreements are concluded in 2017. He made these commitments during a series of high-level meetings with project funders and partners in Korea during early October. During his visit, Minister Tovosia met with senior officials of the Green Climate Fund (GCF) Secretariat as well as the Executive Director of the Korean Economic Development Cooperation Fund (EDCF). GCF and EDCF are two major funders of Tina Hydro, together with the World Bank, Government of Australia and IRENA. ADB is anticipated to be another …

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Renewable energy a step closer for Solomon Islands as World Bank Group approves support to Tina River Hydro

Renewable energy a step closer for Solomon Islands as World Bank Group approves support to Tina River Hydro

US$33.6 million approved towards major renewable energy project in Pacific nation burdened with some of the world’s highest electricity costs Reliable renewable energy is a step closer for Solomon Islands, a country facing some of the world’s highest per capita energy costs, following the World Bank Group’s commitment to the Tina River Hydro renewable energy project. The Board of Executive Directors of the World Bank today approved US$33.6 million in funding for the Tina River Hydropower project in the Solomon Islands, which aims to reduce the cost of electricity and end the country’s near-total reliance on diesel fuel for power. …

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Team of Korean Technical Experts on Planning Mission in Honiara for Tina Hydro (August 2017)

Team of Korean Technical Experts on Planning Mission in Honiara for Tina Hydro (August 2017)

A large team of technical experts from Kwater Corporation and Hyundai Engineering (HEC) is currently in the country to progress engineering planning for the Tina Hydro Project. Kwater and HEC are the developers selected by Solomon Islands Government through an international tender process held in 2015. The team will be involved in analysing the network and current powerhouse of Solomon Power as well as other engineering details of the Tina Hydro Project. The team has made a technical visit to the water resources and seismology division of Ministry of Mines, Energy and Rural Electrification (MMERE). The team also made a …

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Korea commits US$31.6 million for Tina River Hydro

Korea commits US$31.6 million for Tina River Hydro

Reliable renewable energy is another step closer for Solomon Islands with the Tina River Hydro Development Project receiving a commitment of $31.6 million in funding support the Government of Korea. This funding from Economic Development Cooperation Fund (EDCF) was approved by the Ministry of Strategy and Finance of Korea. The US$31.6 million is a loan to the Solomon Islands Government and will go towards the debt financing of a Project Company. The EDCF is the Korean Government’s fund for promoting economic development in developing countries and its contribution will support the construction of the Tina hydropower facility. Tina River Hydro …

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