EFL repay loans and bonds

Political party leaders have attacked EFL for its proposed increase in tariff rates. Picture: FILE

ENERGY Fiji Limited managed to repay loans and bonds amounting to $22.9million last year.

This was highlighted in the company’s annual report that was tabled by the Standing Committee on Economic Affairs chair Vijay Nath in Parliament yesterday.

According to the report, they have satisfactorily met all debt covenants imposed by its lenders, ANZ Bank and FNPF, last year.

“EFL’s debt portfolio stood at $277.52million as of 31 December 2018, with a mandatory repayment time-line that varies from 10-15 years,” the report stated.

“EFL plans to execute $270million in capital expenditures over the next three years, $80million in 2019, $120million in 2020 and $70million in 2021.

The projected capital expenditure for 2019 was $80million to cover distribution reinforcement projects, urban reticulation and rural electrification projects, including the purchase of electricity metres, motor vehicles and the upgrading of the Monasavu Hydro-Electric Scheme.

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