Fiji PM Bainimarama signs sale agreement of EFL shares

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    The Fijian Government’s vision to supply 100 per cent of energy in Fiji from renewable sources by 2036 is coming to fruition.

    This follows Prime Minister Frank Bainimarama signing an agreement on the sale of 44 per cent shares of Energy Fiji Ltd (EFL) to Sevens Pacific Pte Limited Wednesday.

    Sevens is a joint venture company established in Singapore comprising of a partnership between the Japanese company Chugoku Electric Power Company Limited (Chugoku) and the Japan Bank of International Cooperation (JBIC).

    In signing the agreement, Prime Minister Bainimarama said the Fijian Government had always aimed to secure a strategic investor in EFL who would align Fiji’s energy sector to international best practices and ensure the long-term development of robust renewable energy programs.

    “I am happy to say that Chugoku is that strategic investor through Sevens and as one of Japan’s largest utility companies, we are thrilled that Chugoku will be bringing their knowledge and technological expertise particularly in renewable energy to our shores,” PM Bainimarama said.

    “EFL is already at the forefront in adopting renewable energy sources. In 2018 over 50 per cent of the country’s electricity was generated by EFL utilising renewable sources, and now with Chugoku, EFL will be further strengthening their operations and undertaking projects that will significantly expand their renewable energy sources to communities all over Fiji.”

    “Sevens will assist the Fijian energy sector to transition away from its dependence on harmful fossil fuels towards clean energy sources and this transformation will be a shining beacon to the world showcasing our dedication and commitment in revolutionising our energy sector,” he added.

    PM Bainimarama said the Government will remain as the majority shareholder owning 51 per cent while 44 per cent will be owned by Sevens and 5 per cent by Fijian Domestic Account Holders.

    So far, around 40,000 Fijians are shareholders in EFL who have received 7,283,400 shares in EFL while a balance of 17,716,600 shares is currently held in the trust by Central Share Registry Limited for future EFL customers

    SOURCE: FIJI GOVT/PACNEWS