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A Japanese consortium has been confirmed as the buyer of 44% shares in Energy Fiji Limited.

A government statement confirms Sevens Pacific Pte Limited, owned by Chugoku Electric Power Company and the Japan Bank for International Cooperation made a successful bid.

Acting Minister for Economy, Faiyaz Koya says the investment is the culmination of an exhaustive process to identify a highly experienced international utility with credentials to acquire shares in EFL.

Koya adds it was critical that the investor not only offer finances to Fiji but contribute deep operational expertise and experience in electricity generation and networks.

The government says with Chugoku Electric and Japan Bank International, EFL will have the ability to tap into world-leading operational expertise, technology and financial capacity to meet the growing electricity demands.

EFL will also be able to pursue renewable energy targets while providing reliable and affordable electricity to all Fijians.

The consortium will acquire 44% of shares in EFL, including 24% from the government and 20% from the Fiji National Provident Fund which will fully divest its shareholding.

The Fijian government remains the major shareholder retaining a controlling interest of 51%.

Following the signing of the share sale agreement, a number of additional conditions are required to be met before the financial close.