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

Prime Minister Voreqe Bainimarama today signed an agreement on the sale of 44 per cent shares of Energy Fiji Ltd to Sevens Pacific Limited.

The Prime Minister says their aim had always been to secure a strategic investor in EFL who would align Fiji’s energy sector to international best practices

“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.”

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

Bainimarama says Sevens will assist the energy sector transition from its dependence on harmful fossil fuels towards clean energy sources.

“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.”

The Government will remain 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 with 7,283,400 shares while a balance of 17,716,600 shares is held in the trust by Central Share Registry Limited for future customers.

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

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— Fijian Government (@FijianGovt) June 9, 2021