The Saudi Fund for Development (SFD) has inked a $10 million development loan agreement for financing a renewable energy project in the Solomon Islands. This renewable energy project aims to enhance the region’s renewables infrastructure through the development of solar power stations. These stations will have a total capacity of 35.5 MW, along with energy storage systems.
Furthermore, this loan is also designed to reduce dependence of the region on conventional energy sources, support environmental sustainability, and advance the United Nations Sustainable Development Goals. This also aligns with SFD’s commitment to support developing nations and Small Island Developing States (SIDS) in overcoming developmental, environmental, and economic challenges.
Established in 1974, SFD is a government agency of Saudi Arabia that provides support in the form of soft loans to finance development projects in developing countries. Over the last few years, SFD has financed over 800 development projects and programs worth more than $21 billion in over 100 countries.
