- The Saudi Fund for Development will finance a solar power project in the Solomon Islands with a $10 million loan.
- The agreement marks the fund’s first with the island nation, focusing on clean energy and sustainable development.
The Saudi Fund for Development (SFD) has signed a $10 million development loan agreement with the Solomon Islands to support a landmark renewable energy project, the Saudi Press Agency reported on Tuesday, April 8.
The deal was formalised in the capital, with SFD CEO Sultan Al-Marshad and the Solomon Islands’ Minister of Finance and Treasury, Manasseh Sogavare, signing on behalf of their respective governments.
This agreement will enable the construction of solar power plants with a combined capacity of 35.5 megawatts alongside energy storage systems. The initiative aims to strengthen the country’s energy infrastructure while reducing its reliance on conventional fuel sources.
This project aligns with the Solomon Islands’ sustainable development goals, supporting economic growth and environmental resilience. The new solar infrastructure will enhance energy access, lower carbon emissions, and improve the reliability of electricity supply, especially in remote communities.
It also marks the Saudi Fund’s first financial commitment to the Pacific island nation, reinforcing its strategy of backing small island states and developing economies.
On the sidelines of the agreement, Al-Marshad and his delegation met with Solomon Islands’ Prime Minister Jeremiah Manele. The two sides discussed the SFD’s 50-year legacy of development partnerships and explored avenues for expanding cooperation across infrastructure, energy, and capacity-building sectors.
Since its establishment in 1974, the Saudi Fund for Development has financed over 800 development projects across more than 100 countries, contributing over $21 billion to global development efforts in health, education, infrastructure, and clean energy. The fund’s work continues to empower communities and drive inclusive growth worldwide.