fiji joint venture

  1. 513 Posts.
    PACIFIC HYDRO JV FOR FIJIAN RENEWABLE ENERGY
    Up to 100 MW of hydro and wind projects to replace diesel imports
    Renewable energy generator Pacific Hydro Limited [ASX: PHY] today announced the formation of a Joint
    Venture company with the Fiji Electrical Authority (FEA), the Fiji Government electricity company, to develop
    up to 100 megawatts (MW) of hydro and wind generation capacity in Fiji.
    The new company, Sustainable Energy Limited, is aiming to save up to F$10 million per year in foreign
    exchange by replacing diesel imports for electricity generation with Fiji’s indigenous renewable energy
    resource of wind and water.
    The FEA and Pacific Hydro will be equal equity partners in Sustainable Energy Limited, which is expected to
    develop up to A$100 million in new projects over the next 5 years.
    Pacific Hydro General Manager, Hydro Operations, Mr Rob Grant, said ‘Sustainable Energy Limited’ has
    already committed A$16.5 million to construct two hydro projects, and a number of other hydro and wind farm
    sites are being studied including a A$30 million wind farm and a 30-40 MW hydro electric project in the
    Sigatoka area.
    “We will initially be developing a 6.5 MW hydroelectric station at Wainikasou and a 3.0 MW hydroelectric
    station at Vaturu. These projects, on the main island of Viti Levu, will be constructed on existing pipelines to a
    hydroelectric dam and to a water treatment works respectively, to extract unutilised energy from existing water
    flows. They are expected to be completed by early 2004,” Mr Grant said.
    FEA Chairman, Mr Joe Mar, said the FEA had chosen to partner with Pacific Hydro because of its renewable
    energy generation expertise and its similar size to FEA.
    “We like Pacific Hydro’s corporate culture, and they have the flexibility needed to develop renewable energy
    resources,” Mr Mar said.
    Pacific Hydro’s developments include the 70 MW Bakun Hydro Project in The Philippines (the largest
    overseas hydroelectric station built by an Australian company), The Ord 30 MW hydro project in Western
    Australia and the 18.2 MW wind farm at Codrington in Victoria. The company is currently building Australia’s
    largest wind farm at Challicum Hills in Victoria.

 
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