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Solomon Islands - Saudi Fund for Development (SFD) CEO Sultan Al-Marshad signed a $10 million development loan agreement today with Minister of Finance and Treasury of the Solomon Islands Manasseh Sogavare to support a renewable energy project in the Solomon Islands.
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, reflecting its commitment to supporting developing countries and small island states in overcoming economic, social, developmental, and environmental challenges.
Since its founding in 1974, SFD has financed more than 800 development projects and programs, totaling over $21 billion across more than 100 countries. Through its global initiatives, it continues to enhance livelihoods, expand access to essential services, and empower communities, fostering inclusive growth and creating opportunities for millions around the world.
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