Fiji Time: 9:24 PM on Friday 31 July

Fiji Times Logo

/ Front page / News

Firms to invest $290m

Ropate Valemei
Thursday, May 29, 2014

TWO investors have shown interest in producing electricity in the country as an Independent Power Producer (IPPs).

Tropik Gimco Bioenergy and Astronergy Solar Korea are looking at investing millions of dollars in the country in the energy sector.

Tropik Gimco Bioenergy's investment will be to the tune of about $70m while Astronergy Solar Korea estimates to inject about $220m on solar energy.

Astronergy Solar Korea Fiji representative Arvind Maharaj says the company has been in discussion with the government to see how they can assist in this sector.

"We have a very good discussion with Fiji Electricity Authority, as well as the relevant government agencies," Mr Maharaj said.

He said their proposal was before FEA and was hopeful the outcome would be positive.

"Astronergy Solar Korea is very keen to commence business and they want to set a 10-megawatt solar farm in the Western Division as a pilot project in the next nine months.

"It's not a guessing game, if I may say so, and we are very committed to setting up a first solar farm in Fiji."

Meanwhile, Tropik Wood Industries Limited executive chairman Faiz Khan said their joint partner Tropik Gimco Bioenergy intended to set up a biomass plant in Nabau at the end of this year.

"It is important to understand that the two key factors that formed the ingredient for a successful biomass plant is the supply chain of biomass and the operational efficiency it can bring in the running of the plant.

"We at Tropik Wood and Fiji Pine are responsible for the supply chain and they bring about the intellectual property into the power plant business that eventually brings about operational efficiency," Mr Khan said.

He said they were excited about it and would also present a proposal to FEA in the coming weeks.

He said this would bring about change in the country such as creating business ventures, generating employment and substituting diesel imported into Fiji.

The Fiji Commerce Commission says it hopes to get more major investments in this sector at the end of the year.





Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Westpac
Code Inward TTs Outward TTs
CAD 0.61530.5963
JPY 59.284856.2848
GBP 0.30290.2949
EUR 0.43260.4206
NZD 0.72270.6897
AUD 0.65180.6268
USD 0.47520.4582

from

$0.00

Exchange Rate updated on 31st July 2015

Today's Most Read Stories

  1. Teary farewell for trio
  2. No say over lease
  3. Accident at mill
  4. $16.7m park upgrade
  5. Goodwill payment for landowners
  6. Fiji Pearls want top eight finish
  7. 'Empower girls'
  8. Education important
  9. Road helps seal friendship
  10. Investor-friendly policies

Top Stories this Week

  1. Deaths haunt 15-year-old Monday (27 Jul)
  2. Nakasi rape suspect in court Sunday (26 Jul)
  3. Dad dies, kids worry Tuesday (28 Jul)
  4. Three dead Sunday (26 Jul)
  5. Distraught mum recalls promise Tuesday (28 Jul)
  6. Flying Fijians spoil Samoan celebrations Monday (27 Jul)
  7. Truck sinks into town road Monday (27 Jul)
  8. Sex trafficking source Thursday (30 Jul)
  9. Final goodbye Wednesday (29 Jul)
  10. Teary farewell for trio Friday (31 Jul)