Sunergise director Ajay Raniga, right, and International Finance Corporation director East Asia and Pacific Sergio Pimenta seal the deal at Radisson Blu Resort today. Photo: MARGARET NAQIRI. For more photos, click here:- https://www.facebook.com/media/set/?set=a.678245762212859.1073742033.131483256889115&type=1
Nadi, Fiji, June 13, 2014 — IFC, a member of the World Bank Group, has made a US$2 million investment in Sunergise International Limited, a company that supplies solar rooftop energy across the Pacific. IFC’s investment will allow Sunergise to scale up its business and expand solar installations across the Pacific region, with a focus on Fiji, Solomon Islands and Papua New Guinea, where a stable and affordable power supply will provide a boost to businesses and cut household costs.
Initially operating in Fiji, Sunergise owns and operates solar power systems that are installed on customers’ premises. Customers enter into an agreement for solar power supply from the company for fixed period and typically enjoy lower costs.
“Approximately 50 percent of the power supply in the Fiji is diesel-generated and can readily be replaced with solar power,” said Ajay Raniga, an Executive Director of Sunergise. “IFC’s support will enable us to remain competitive as we expand our operations in Fiji and across the region, where the demand for clean and renewable energy resources continues to grow.”
Access to power is a major challenge across the Pacific region, where the energy market is characterized by high electricity costs, heavy reliance on imported petroleum products, and unstable supply. The region is almost completely dependent on imported fossil fuels, but renewable energy resources are abundant and most Pacific countries receive an average of seven hours of sunshine every day.
A key priority for IFC in the Pacific is to increase access to reliable energy sources and replace the use of fossil fuels with renewable sources.
“Investing in Sunergise enables us to support an innovative business model that brings renewable energy solutions to commercial operations across the Pacific, said Sergio Pimenta, IFC’s Director for East Asia Pacific. Offering less expensive, cleaner power to customers, with no upfront investment required on their behalf, will provide significant benefits in countries such as Papua New Guinea and Solomon Islands, where access to affordable, reliable and sustainable power is a major business impediment.”
Sunergise Fiji Limited is the largest privately operated solar power provider in Fiji, servicing Fiji, New Zealand and the Pacific Islands. Projects to date include the world’s largest installation for a marina at Port Denarau Marina, and Fiji’s first grid connected solar powered resort, The Terraces. Sunergise is on a mission to help the people of the Pacific go solar sooner. Please visit www.sunergisegroup.com for more information.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.