"This study has been prepared under a technical assistance (TA) program supported by the Pacific Region Infrastructure Facility (PRIF). PRIF worked with the Pacific Power Association (PPA) to prepare for the 3rd Pacific Energy Investors Forum, where the findings of this work were presented. The Forum was supported by the Pacific Centre for Renewable Energy and Energy Efficiency (PCREEE), the Global Green Growth Institute (GGGI) and the International Renewable Energy Agency (IRENA).
This final report includes the background material that was prepared to consider the private sector opportunities within the electricity sector across the Pacific together with the outcome of the Pacific Energy Investors Forum held in Palau on the 3rd of August 2018. The presentation delivered at the Investors Forum is available here. Dr. Mike Allen, the consultant, has focused on identifying and documenting the investment in renewable energy infrastructure as it has increased markedly in recent years in the region.
All Pacific countries now have renewable energy targets and national power utilities are making significant investments in renewable energy infrastructure in order to: (i) reduce reliance on high-cost diesel generation, (ii) improve energy security, and (iii) reduce greenhouse gas emissions. Approximately 26% of all installed generation capacity in the Pacific is currently renewable energy based. Moreover, this proportion is expected to increase significantly in the short to medium term as power utilities implement capital infrastructure plans largely based on renewable energy.
It is foreseen that Pacific Renewable Energy Market could require US$500 million in investments by Independent Power Producers (IPPs) as solar PV and wind energy capacity is projected to double in the next 3-5 years. "