In a significant move to bolster sustainable energy infrastructure in the Pacific region, the Saudi Fund for Development (SFD) has signed a $10 million development loan agreement with the Solomon Islands. The deal, SFD’s first with the island nation, was finalized between SFD CEO Sultan Al-Marshad and the Minister of Finance and Treasury of the Solomon Islands, Manasseh Sogavare.

The funding will support the development of solar power plants with a total installed capacity of 35.5 megawatts, complemented by energy storage systems designed to ensure stable and efficient electricity supply. The project aims to reduce the country’s dependency on conventional energy sources and accelerate progress toward sustainable development goals.

The agreement reflects a growing collaboration between Saudi Arabia and the Pacific Island nations in addressing climate challenges and fostering long-term economic and environmental growth.