SFD signs first $10 million renewable energy loan with Solomon Islands

Saudi Gazette report

SOLOMON ISLANDS — The Saudi Fund for Development (SFD) has signed its first-ever development loan agreement with the Solomon Islands, committing $10 million to a renewable energy project aimed at boosting the Pacific nation’s energy infrastructure.

The agreement, signed in the presence of Solomon Islands Prime Minister Jeremiah Manele, will help fund the construction of 35.5 megawatt solar power plants, integrated with hourly energy storage systems.

The initiative seeks to reduce reliance on traditional energy sources and align with global sustainable development goals, while supporting economic growth and environmental resilience in the region.

This marks the beginning of development cooperation between SFD and the Solomon Islands, highlighting the Fund’s growing role in supporting small island developing states as they address developmental, economic, and environmental challenges.

Since its establishment in 1974, the SFD has financed more than 800 development projects in over 100 countries, with a cumulative value exceeding $21 billion. Its support spans critical sectors including health, education, transport, water, and energy — with the goal of improving living conditions, enhancing capacity building, and creating job opportunities for millions around the world.