RENEWABLE ENERGY INVESTMENT FORUM FOR FIJI...

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RENEWABLE ENERGY INVESTMENT FORUM FOR FIJI 2015 Post Event Report

17th June 2015

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Renewable Energy Investment Forum For Fiji

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About IT Power

The IT Power Group, formed in 1981, is a specialist renewable energy, energy efficiency and carbon markets consulting company. The group has offices and projects throughout the world.

IT Power (Australia) was established in 2003 and has undertaken a wide range of projects, including designing grid-connected renewable power systems, providing advice for government policy, feasibility studies for large, off-grid power systems, developing micro-finance models for community-owned power systems in developing countries and modelling large-scale power systems for industrial use.

The staff at IT Power (Australia) have backgrounds in renewable energy and energy efficiency, research, development and implementation, managing and reviewing government incentive programs, high level policy analysis and research, including carbon markets, engineering design and project management.

About ReEx Capital Asia

ReEx Capital Asia is a leading clean energy investment banking and consulting company specializing in the Asia Pacific region with headquarters in Singapore and representation in New Zealand, Indonesia and the Philippines. The company offers the following services and skillsets:

• Capital raising for renewable energy infrastructure, energy efficiency projects, cleantech startups, green product & services companies (US$1-100m)

• Award-winning Advisor: strategy, financial structuring, M&A, due diligence, valuation, business modelling, feasibility study, market analysis, etc.

• Decisive mix of financial & technical skills in energy, waste and water sectors with deep Asia Pacific market expertise and extensive industry network

• 100+ clean energy transactions over past 15 years with aggregate value in excess of US$20 billion

• Track record with international clients, major development financial institutions, commercial banks, corporates and family offices.

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About this report

This report is part of work commissioned by the UNDP to help Fiji meet its Fiji Renewable Energy Power Project (FREPP) goals. This work is intended to contribute to the revitalization of the renewable energy market in Fiji, especially where IPPs are concerned. Of particular interest is the policy framework regulating both public and the private investments in renewable energy, and the incentives that could be applied to stimulate growth in the sector.

The work is divided into three components, a) the development of standard Power Purchase Agreements, b) the formulation of Investment Promotion Packages, and c) the assessment and development of Renewable Energy Incentive Schemes.

This report contributes to part b) the formulation of Investment Promotion Packages and summarises the outcomes of an investment forum held in Suva, April 2015.

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Report Control Record Document Control

Report title Fiji Renewable Energy Investor Forum 2015 – Post Event Report

Client Contract No. UNDP RFP/FJI10-007-14

ITP Project Number A0141

File path G:\ Work\0Projects\Fiji\Draft Report - UNDP DOE Investors Forum 21st April 2015

Client UNDP Client Contact Emma Mario

Rev Date Status Author/s Project Manager Approved

1 22 April 2015

Draft Yanis Boudjouher Rob Passey Muriel Watt

2 17 June 2015

Final Yanis Boudjouher Rob Passey Muriel Watt

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LIST OF KEY ABBREVIATIONS

ADB Asian Development Bank DOE Department of Energy FCC Fiji Commerce Commission FDOE Fiji Department of Energy FEA Fiji Electricity Authority FIRCA Fiji Revenue & Customs Authority EIB European Investment Bank FIT Feed in tariff FNPF Fiji National Provident Fund FREPP Fiji Renewable Energy Power Project FS Feasibility Study FSC Fiji Sugar Corporation IPP Independent Power Producer PPA Power Purchase Agreement PPP Public Private Partnership PV Photovoltaic RBF Reserve Bank of Fiji RE Renewable Energy SEFF Sustainable Energy Financing Facility UNDP United Nations Development Program

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CONTENTS

1! INTRODUCTION 1!

1.1! FORUM BACKGROUND 1!1.2! OBJECTIVE OF THE FORUM 1!1.3! KEY PARTICIPANTS & SPEAKERS 2!

2! PRESENTATIONS AND DISCUSSIONS 4!

2.1! PROPOSED FIJI NATIONAL ENERGY POLICY 4!2.2! GREEN GROWTH FRAMEWORK FOR FIJI 5!2.3! FEAS STRATEGIES, PLANS & RESTRUCTURING 6!2.4! STUDY ON THE FORMULATION OF IPP AND PPA TEMPLATES 8!2.5! PANEL DISCUSSION 10!2.6! PROJECT PRESENTATIONS 13!

3! CONCLUSION \ FOLLOW UP 16!

4! APPENDICES 17!

APPENDIX 1: FORUM AGENDA / SPEAKERS / MODERATORS 17!APPENDIX 2: FORUM PHOTOS 19!APPENDIX 3: PARTICIPANT LIST 21!APPENDIX 4: PARTICIPANT FEEDBACK 26!!

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1 INTRODUCTION

1.1 Forum Background

The United Nations Development Program (UNDP) Fiji and Department of Energy (DOE) initiated a consultancy assignment on the formulation of an independent power producer (IPP) and investment framework for renewable energy power generation projects in Fiji.

ReEx Capital Asia was subcontracted by IT Power and UNDP to conduct one of the components of the assignment: the formulation of Investment Promotion Packages, which includes the following activities:

i) Review and Listing of Bankable Investment Opportunities

ii) Preparation of Investment Information Packages

iii) Organization and Conduct of an Investors’ Forum

The Renewable Energy Forum for Fiji 2015 was organised by ReEx Capital Asia and the Fiji Department of Energy, with support from the UNDP and Global Environment Facility (GEF)-funded Fiji Renewable Energy Power Project (FREPP). The Forum was held successfully on 9th April 2015 at the Holiday Inn Hotel in Suva and attended by over 100 participants.

This report provides brief notes about the Forum and also highlights the key findings, with recommendations on how to improve the renewable energy investment environment in Fiji and the organisation of similar / follow-up events in the future.

1.2 Objective of the Forum

To date there has been limited private sector investment in the power sector in Fiji, mainly due to regulatory uncertainty, the absence of an effective IPP framework and low IPP tariffs. The Forum was an opportunity to start addressing these issues, to present proposals on new supporting conditions in Fiji for investing in renewable energy and to engage with existing and potential independent power producers.

The objectives of the Forum were to:

• Provide an opportunity to a wide range of stakeholders to discuss and share the experiences and practices of establishing renewable energy power projects in Fiji;

• Update knowledge and provide a platform for investors, project developers and governments to exchange information and facilitate networking on the latest

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changes in the renewable energy sector, which could mean business opportunities; and

• Furnish Investors with screened, pre-feasibility projects that have good investment potential.

1.3 Key Participants & Speakers

In order to have an open dialogue on the renewable energy sector, the Forum invited guests and speakers from government ministries, financial institutions, private sectors, academic institutions, and donors and project development partners from Fiji and overseas. The forum commenced with opening remarks from the Honourable Minister from the Ministry for Infrastructure and Transport, Mr Pio Tikoduadua, and the Deputy Resident Representative from UNDP, Ms Akiko Fujii.

Mr Pio Tikoduadua made the opening address for the day. He said Fiji needs an estimated $1.5billion over the next decade to be able to largely rely on renewable electricity, and this could not be financed by the public sector alone, but needed significant local and foreign investment. “The Fijian Government’s integrated energy plan is focused and committed towards a new renewable energy path which demands a new development approach, innovative thinking and cooperative actions to address our current and future level of energy consumption. The intent is cross-cutting and geared towards strengthening Fiji’s energy security, encourage conservation techniques and technology, enhance environmental quality and economic vitality in public private partnerships that will grow energy efficiency and productivity,” Minister Tikoduadua said.

Ms Fujii highlighted that, due to the high dependence on fossil fuel, investing in renewable energy would be very necessary for small island countries like Fiji. Ms Akiko also mentioned how UNDP was supporting policy makers and communities to promote access to sustainable energy services through the UN Initiative on Sustainable Energy For All (SE4ALL) and through its programme to promote sustainable energy access and improved energy efficiency. Ms. Fujii was pleased that UNDP is supporting the opportunity to dialogue on past and current efforts of Government including state-owned enterprises, private sector entities and development partners as well as how these various stakeholders can contribute towards achieving Fiji's objectives and specific targets on electricity access and renewable energy. Ms. Fujii emphasised that the Forum would present new favourable conditions in Fiji for investing in renewable energy (RE) and engage with Independent Power Producers (IPPs).

Speakers for the technical sessions included Mr Paula Katirewa, Director of the Department of Energy, Mr Ovini Ralulu, Acting Chief Economic Planning Officer from the Ministry of Finance & Public Enterprises, Mr Hasmukh Patel, the CEO of FEA, Mr Shaheen Ali the Permanent Secretary from the Ministry of Public Enterprise and Dr Muriel Watt, Head of Energy Policy & PV from IT Power Australia. As for panel

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discussion, panellists included Mr Bobby Maharaj, CEO of the Fiji Commerce Commission (FCC); Mr Godo Muller-Teut, CEO of Investment Fiji, Mr Tevita Madigibuli, General Manager Relationship and Sales of the Fiji Development Bank, Mr Jonetani Vuto, National Manager of Risk & Compliance of the Fiji Revenue & Customs Authority (FIRCA), and Mr Vereimi Levula, Chief Manager, Reserve Bank of Fiji. Project developers from Fiji and overseas were also invited for the project presentation session.

As the first such event for renewable energy in Fiji, the Forum received great interest from various organisations and entities, with over 100 people registering online and attending the Forum. Participants were invited from the following stakeholders (the full participation list could be found at Appendix 2):

• Government bodies including Department of Energy, Ministry of Finance & Public Enterprise, Ministry for Infrastructure & Transport etc.

• Local entities including the Fiji Electricity Authority (FEA), Investment Fiji etc.

• Financial institutions including the Reserve Bank of Fiji (RBF), Asian Development Bank (ADB), Fiji Development Bank (FDB) etc.

• Private entities including project developers (Geothermal Electric, Energy Pro etc.), EPCs (CBS Power Solutions, Pernix Limited etc.)

• Other organisations, such as local media (Fiji Sun, The Fiji Times)

• Academic institutions (such as the University of the South Pacific)

• Donors (such as the European Union) and development partners (such as the Secretariat of the Pacific Community, and UNDP).

Numerous project developers in Fiji were contacted by the organisers of the Forum and invited to present their projects at the Forum. A few of them took the opportunity to include their projects in the Investment Information Package (a brochure that was distributed during the Forum), including:

- Water to Energy Project (Nakabati RE)

- Hydro Power Project (FEA / FDOE)

- Biogas project (Vuda Piggery)

In addition, other developers / solution providers presented their projects during the Forum:

- Fiji Sugar Corporation (FSC)

- Geothermal Electric Ltd (GEL)

- Pacific Earth Resources Limited (PERL)

(see details later in the report and the separate Investment Information Package).

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2 PRESENTATIONS AND DISCUSSIONS

2.1 Proposed Fiji National Energy Policy

Following from the welcome address, Mr. Paula Katirewa, Director of the Department of Energy, presented to the audience the proposed Fiji National Energy Policy to 2020. Fiji’s energy situation is characterised primarily by a high reliance on imported fuels, which account for around one third of total imports (but one fifth on a retained imports basis). The main energy demand is driven by household consumption and transport fuels and by the needs of its major industries like agriculture, forestry, tourism, and mining. The transport sector is the main user of imported fuel in Fiji and it needs to increase its emphasis on energy efficiency and renewable energy options for land and sea vehicles and vessels. The imports of mineral fuel continue to increase and according to internal sources (Fiji Bureau of Statistics and Macroeconomic Policy Committee), total annual spending on fuel imports increased from FJ$332m to FJ$1,253m from year 2000 to 2012 with a forecast of FJ$1,330m in 2015. According to the National Energy Policy (NEP) 2014-2020, the country aims to:

1) Provide all Fijians with access to affordable and reliable modern energy services and, by 2020, the share of renewable energy is expected to increase from 67% to 81%;

2) Establish environmentally sound and sustainable systems for energy production, procurement, transportation, distribution and end-use;

3) Increase the efficient use of energy and the use of indigenous energy sources to reduce the financial burden of energy imports on Fiji.

Six key strategic areas have been identified in the NEP: grid based power supply, rural electrification, renewable energy, transport, petroleum and biofuels and energy efficiency. Priority Policy Statements have been drafted for three of these areas:

Strategic Area I: Grid-based Power Supply 5.1.1 Increase private sector investment in large-scale electricity generation. 5.1.2 Increase private sector investment in small-scale grid-connected renewable generation 5.1.3 Strengthen transparency and effectiveness of the regulation of the electricity industry. Strategic Area III: Renewable Energy 5.3.1 Maintain a comprehensive assessment of Fiji’s renewable energy resources 5.3.2 Make all data on renewable energy resources available to the public and prospective investors 5.3.3 Conduct further investigations into geothermal energy resources.

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Strategic Area VI: Petroleum and Biofuels 5.5.1 Reduce the cost of imported petroleum products 5.5.2 Improve the transparency of petroleum supply 5.5.3 Continue research to explore the potential for increased production and use of biofuels.

Given the NEP targets and DOE missions, the challenges still remain on how to develop a transparent and effective regulatory framework to involve more private sector investors in both large and small scale electricity generation and how to improve national energy efficiency by assessing energy status and exploring renewable energy opportunities.

2.2 Green Growth Framework for Fiji

Mr. Ovini Ralulu, Acting Chief Economic Planning Officer from the Ministry of Finance & Public Enterprises made a presentation on the Green Growth Framework for Fiji. Mr. Ovini Ralulu started his speech by presenting the international, regional and national commitments on sustainable development in the past, and then introduced the Green Growth Framework for Fiji.

Mr. Ovini Ralulu also highlighted the urge for waste management within Fiji. According to the Fiji Solid Waste Report, the total quantity of waste delivered to Lami Dump has increased significantly to more than 45,000 metric tons in 2003 i.e. 5 times in 25 years, while the national energy consumption increased by only 117% over the same period (1979 to 2004). Mr. Ovini Ralulu mentioned the issues and challenges in managing the ecosystem and biodiversity and emphasized that Fijians need to continue to grow the economy in a socially and economically inclusive manner.

The Green Growth Framework was endorsed by the Cabinet on 29 July 2014 with the objective of “Restoring the Balance in Development that is Sustainable for Our Future”. Guiding principles include:

1) Reducing carbon footprints at all levels; 2) Improving resource productivity (doing more with less); 3) Move away from ‘sector based’ approach to ‘integrated approach’; 4) Socio-cultural education of responsible environmental stewardship and civic

responsibility; 5) Increasing adoption of comprehensive risk management practices; 6) Increasing adoption of environmental auditing; 7) Structural reform to encourage fair competition and efficiency; 8) Incentivizing investment in efficient use of natural resources.

In terms of energy security, 6 key challenges have been identified:

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i. Access to affordable and reliable modern energy services ii. Reducing dependence on imported fossil fuel as a source of energy for

electricity generation iii. IPP entry into the electricity sector iv. Current energy efficiency initiatives v. Implement a major biofuel project vi. Sustainability of current rural electrification schemes.

As a conclusion, Mr. Ovini Ralulu mentioned that the success of the Green Growth Framework depended on both political will and inclusiveness. The following proposal has been suggested to move forward:

• Explore whether the use of renewable energy could be considered a part of the approval process for new investments;

• Establish economically justified feed in tariffs or pricing frameworks (price differential system);

• Provide incentives to promote energy efficiency and reduce energy intensity; • Develop a National Biofuel Strategy; • Develop a National Electrification Master Plan.

2.3 FEA’s Strategies, Plans & Restructuring

Mr. Hasmukh Patel, CEO of FEA, made a presentation on FEA’s strategies and plans, and the opportunities in Fiji’s Renewable Energy Sector.

Mr. Patel provided an overview of FEA and discussed the existing FEA Renewable Energy Schemes, including the Qaliwana Upper Wailoa Diversion Hydro Project which has gone through a Public Private Partnership (PPP) model. Mr. Patel also presented a few potential opportunities, such as hydroelectric sites identified by the Japanese International Cooperation Agency (JICA) and the lower Ba Hydro Project with the European Investment Bank (EIB). The presentation received considerable feedback from the audience.

The Permanent Secretary, Mr. Shaheen Ali, from the Ministry of Public Enterprise, talked about the restructuring plans for FEA which were approved by the Cabinet and announced as part of the 2015 budget. The key objective of this restructuring is to deregulate the energy sector and reduce government obligations, and to have an efficient and vibrant energy sector that creates a platform for private sector participation.

The restructuring work is starting in 2015, and the Ministry is considering the option of establishing a Multi Sector Regulator (MSR) body that could benefit the power sector in the following ways:

• Streamlined processes via a centralised agency;

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• More effective deployment of scarce economic, legal, technical and investigative expertise;

• More consistent regulatory decision-making across the economy; • Reduced enforcement and administrative costs for Government; • Reduced compliance costs for businesses; • Lower costs passed on to taxpayers and consumers; • Better regulation will support regulated entities becoming more profitable; and • Economic activity will increase as better regulation enables better provision of

infrastructure and services.

In addition, Mr. Ali also discussed a few privatisation options and follow-up steps. There are four privatisation options available, each of them with pros and cons:

K Option 1: Sell FEA as-is, with no pre-sale restructuring;

K Option 2: Limited pre-sale restructuring;

K Option 3: Variation on Option 2 with plans developed for all future generation to be done via independent power production (IPP) contracts;

K Option 4: Sell FEA’s existing generation assets with power purchase agreements.

This topic generated quite a lot of discussion and attention during the subsequent Q&A sessions, as it highlighted the proposed reforms of the energy sector in Fiji and the expectation of a higher involvement of the private sector.

Q&A session related to the presentations above:

1) Clarification on growth rate and demand in FEA presentation (3%): does it assume no increase in heavy industry?

Answer from FEA: Growth rate refers to customer numbers - domestic and industrial sectors. FEA deployed power feeder lines to upcoming industries in Yalalevu, Ba (e.g. Vinod Patel, Nestle, etc.)

2) Low availability rate of PV power project (e.g. the 10 MW solar PV project developed in Hawaii) vs. requirement for base-load generation.

Answer from FEA: If 80% availability could be provided from a 10MW solar project then FEA would be prepared to discuss / sign a PPA but it is not the case (e.g. solar farm in Canberra Australia can see its output dropping by 5MW due to change in cloud cover or Butoni wind farm that needs back-up support if wind direction changes). FEA is not against solar power but Fiji has to be careful that it does not cause outages due to variability.

3) What timeframe does FEA allow for PPA discussions, review etc.?

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Answer from FEA: the key stages of the PPA approval process are: (i) idea launch, (ii) confidential discussions on the project, (iii) price discussion (FCC establishment), (iv) then PPA discussions/signing. It may take between 6 months to a year. All information has to be readily available from the project developers and flowing both ways. Over the past 6-7 years FEA have signed a number of PPAs and have closed 3 of them.

4) To what extent could the FEA privatization process affect the PPAs that are ready to be signed? Some PPAs have been under negotiations for some years - will these await the end of the restructuring process?

Answer: While restructuring could be a long process, it will not affect the PPAs that are on the table.

5) What is the timeframe for completing the restructuring of FEA? Will this lead to an electricity tariff increase as in many other countries?

Answer: Phase 1 is expected to be completed by end of 2015; Phase 2 by end of 2016. Pricing may not necessarily increase due to the privatization process; an assessment is underway to consider proper pricing mechanisms.

6) Would tax payers be allowed to participate in the privatization?

Answer: The process will consider options for participation of the citizens of Fiji.

2.4 Study on the formulation of IPP and PPA templates

Dr Muriel Watt, Head of Energy Policy & PV from IT Power Australia presented the IPP framework and PPA template that was undertaken as part of the FREPP overall project. She first outlined the process of designing, implementing and evaluating a program and then highlighted the following criteria to assess a program aimed at encouraging new generating plant:

• Effectiveness: How effective is the program at deploying plant that generate the expected amount of renewable electricity over a given timeframe?

• Efficiency: Is the program able to deliver renewable energy at low cost, and are there any other cost impacts?

• Equity: Are the costs and benefits of the scheme distributed fairly?

• Administration: Is the program difficult to administer, including any relevant auditing and compliance requirements?

As for the IPP framework, she pointed out that an independent regulator is a key requirement, so that support schemes could be evaluated effectively. A reverse auction process was recommended as a way of bringing in new project proposals in a fair and cost effective manner.

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The objective of the PPA template is to facilitate private sector investment in new electricity generation projects and to develop the requisite investment environment that will be attractive to IPPs. A revised PPA template was proposed, based on the review of existing PPA frameworks and in accordance with the needs, objectives and interests of the Fijian economy and the right balance between counterparty risk and commercial reward.

The presentation brought quite a few questions on PPAs, feed-in tariff prices, and the timetable for implementing the proposed PPA template. An important next step would be for the government to provide a clear timeline on implementation of the new IPP processes, including a reverse auction, the new PPA processes and the implementation of an independent regulator.

Q&A session related to the previous presentations:

1) Can tariff prices gradually be reduced?

Answer: There is no recommendation to change the tariffs retrospectively.

2) Some project developers would like to get exclusivity when they identify a potential suitable site so that they can spend money and time in studies.

Answer: Exclusivity need not be compromised, However, the current process of identifying project sites and subsequent rights for project development is not transparent enough and should be improved to facilitate investment, especially in capital intensive technologies such as geothermal energy.

3) What is the likely timetable for introducing a new regulatory body?

Answer: The Government will be in the best position to advise on the timetable for establishing a new independent regulator.

4) FEA's position re. solar power (issue with low and variable plant availability) is putting some investors off (risk on PPA) and does not take account of savings in transmission costs.

Answer: Fiji should have the option to choose the right RE technology that is right for Fiji’s priorities, electricity demand profiles and renewable energy ambitions (e.g. 40% of Australian homes in some areas generate power from RE through solar PV installations, regardless of variability).

5) Hawaii faced similar challenges with heavy reliance on fossil fuel. What helped Hawaii to move forward was 'unity'.

Answer: Fiji should keep the momentum and work together. Fiji has access to rich natural resources for energy generation and so needs to make the best use of them.

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2.5 Panel Discussion

The success of any RE project will critically depend on, among other things, the capital available, therefore a panel discussion was held to bring financial institutions, the tax department and the investment board together to discuss financing options and tax incentives within the RE sector in Fiji. The moderator, Mr. Yanis Boudjouher, CEO of ReEx Capital Asia, welcomed and introduced the panellists to the audience, and invited them to the discussion.

The panellists comprised Mr. Bobby Maharaj, CEO of the Fiji Commerce Commission (FCC); Mr. Godo Muller-Teut, CEO of Investment Fiji; Mr. Tevita Madigibuli, General Manager Relationship and Sales of the Fiji Development Bank (FDB); Mr. Jonetani Vuto, National Manager of Risk & Compliance, Fiji Revenue & Customs Authority (FIRCA); and Mr. Vereimi Levula, Chief Manager, Reserve Bank of Fiji (RBF).

The main objective of the panel discussion was to allow panellists to share their experience in funding and supporting the renewable energy sector and their perspectives on the challenges and actions needed to engage more independent power producers in Fiji.

Each panellist gave an overview of their organisations, and their roles and experiences in contributing to the RE industry. A lot of useful information was shared in the session, such as the 5 year tax holiday from FIRCA on RE investment, Sustainable Energy Financing Facility (SEFF) from FDB and that RBF requires commercial banks to lend 2% of their loan portfolios to RE projects.

FCC

FCC is a statutory organisation responsible for fair trade, competition and consumer protection regulation in the Fiji Islands. The Commission is an independent statutory body that seeks to protect consumers and businesses from restrictive and unfair trade practices. Up until 2010, FCC was not actively involved in the Renewable Energy sector. IPPs were priced based on an opportunistic cost approach of energy generation using fossil fuel prices. In 2010, FCC raised PPA tariffs to FJ$0.23, then to FJ$0.27 in 2012 and FJ$0.33 in 2014.

Investment Fiji

Though a Statutory Organization, Investment Fiji operates independently as the marketing arm of the Fiji Government to provide services and assistance to promote, facilitate and stimulate investments and exports. Investment Fiji provides a range of services to promote investments and development of industries and enterprises, as well as to raise exports of goods and services. In 2013, FJ$1.2bn of investment was recorded and 464 employment positions were created. Investment Fiji works actively with IPPs. 12 foreign investor licenses were issued recently, four of which are for bio-fuel development. Investment Fiji is launching a single online platform as a one-stop

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shop for accessing documentation requirements for investors and partners to do business in Fiji.

FDB

FDB was established under the Fiji Development Bank Act (Cap 214) in 1967. FDB provides finance for projects that contribute to the development of the Fiji economy and improve the quality of life for the people of Fiji. Loan funds are provided for agricultural, small and medium enterprises, corporate and micro projects. The government also uses the FDB as a financial instrument in its development projects/plans and special assistance programs that may be necessary.

To encourage sustainable energy and reduce reliance on fuel importation, a series of facilities have been provided by FDB:

• Sustainable Energy Financing Facility (SEFF): 5-year loans available for RE projects such as hydro, solar, etc., up to FJ $1m at 5% annual rate;

• Import Substitution Facility and Export Finance Facility (ISEFF): a facility partially guaranteed by the World Bank to assist exporters, large scale commercial agriculture farming and renewable energy businesses to obtain credit at a concessional rate of interest. Businesses can borrow up to FJ$1m at 5% annual rate for up to 5 years.

FIRCA

To support RE development and investment, FIRCA offers a 5-year tax holiday for investment in RE and 10-year holiday for companies investing in bio-fuel development. It also provides duty free importation of renewable energy goods. FIRCA can also offer reduced duty concessions on RE goods for wind farm, geothermal, solar, and other energy efficiency goods, bio-diesel or ethanol machinery.

RBF

RBF is the central bank of Fiji, responsible for regulating the country’s currency, monetary policy and financial framework. From an economic perspective, energy consumption grows in line with the country GDP. Higher energy consumption leads to increased importation of fossil fuels, which has a negative impact on the foreign currency reserves and inflation.

RBF has taken the following initiatives to support the RE sector:

• Renewable Energy Loans Ratio (RELR)

RELR was introduced in February 2012 and requires banks to lend out a minimum of 2.0 percent of deposits and similar liabilities to the renewable energy sector. An annual review is undertaken by RBF to determine its effectiveness and the bank’s ability to meet the ratio. As of January 2015, total

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RE loans and investments of FJ$ 241.6m had been lent by banks, which results in a RELR of 4.1% compared to 2.1% in January 2013.

• Import Substitution and Export Finance Facility (ISEFF)

ISEFF was rationalised in 2013 to improve Fiji’s balance of payments position. This Facility provides back-to-back financing through commercial banks, licensed credit institutions and the Fiji Development Bank. A total amount of FJ$ 80m is available from the Facility with a utilised amount of around FJ$74 million, FJ$23 million of which was lent to 11 renewable and sustainable energy businesses including:

o Producing and distributing diesel derived from coconut oil;

o Distributing and installing sustainable energy products such as solar;

o Photovoltaic systems, and energy saving equipment including energy saving bulbs;

o Cogeneration development using renewable energy fuel;

o Fiji’s first electric bus.

During the discussion, participants raised a number of points and engaged in a lively discussion with the panellists. One of the concerns raised regarded the lengthy process of company registration in Fiji. Mr. Muller-Tuet mentioned their new Single Window Clearance System that will allow faster processing for foreign investment registrations. Other questions were asked about grey areas of PPA negotiations and eligible RE technologies (geothermal / solar) under SEFF, etc.

Q&A Session:

1) A participant’s company has been trying to get a PPA approved for 15 months. It is important to specify all information necessary during earlier presentations as quickly as possible. Can this be made available to the benefit of IPP applicants?

Answer: Investment Fiji replied that they were undergoing changes to become more proactive. FEA said they were open for discussions and that there was a process in-place to be followed. FEA is in fact in favour of solar PV; has few proposals under review (e.g. choosing between Whitesand's hybrid solar system and Nakabati's waste-to-energy project).

2) Clarification was requested from RBF whether geothermal was taken off RBF's programme.

Answer: the Import Substituion Facility (ISF) is in place for geothermal projects but assessment of project feasibility lies with individual financial institutions. It is unclear if the World Bank can provide a 50% guarantee on geothermal risk.

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DOE can be approached to assist with specific assessment of geothermal projects.

3) How are loans for rooftop solar project equipment considered by commercial banks?

Answer: According to FDB, equipment is considered as a bill of sale rather than a real asset that can be mortgaged. And from BSP it’s more likely to be covered by a real-asset mortgage if it has a re-saleable value.

4) Registering a company in Fiji could be a lengthy process. Will Investment Fiji look at outsourcing some functions to fast track the process?

Answer: It is not an option under consideration. Investment Fiji will launch an online application system that will reduce the processing time to less than one week. Investment Fiji works in collaboration with FIRCA and RBF. Delays may be due to sensitive issues such as water rights, landowner issues, etc. when registering a RE project company. Investment Fiji also conduct due diligence checks which could cause some delays.

5) What’s FCC's views on expediting PPA negotiations?

Answer: In their submission for the NEP review, FCC stated that there was a need for an independent regulator. It is not decided whether FCC should assume this role in the future. FCC's experience from 2010 is that there has been a lot of grey areas surrounding PPA arrangements that should be clarified going forward.

2.6 Project Presentations

Fiji Sugar Corporation (FSC)

On behalf of FSC, the Electrical System Coordinator, Mr. Jakir Hussain, discussed a few recent FSC green projects. FSC is running four sugar mills, and is using the biomass and bagasse (bi-product of sugar cane) to generate electricity to export to the FEA grid.

The 40MW bagasse / biomass Co-Generation project at Rarawai Mill was successfully financially closed in April 2015 and is expected to be fully commissioned in 2017. The 10 MW Turbine Generator at the Labasa Mill will be commissioned by mid-2015 and will export to the grid. Future project plans include an ethanol plant and 10MW Turbine Generator at Lautoka Mill.

The successful stories from FSC demonstrated the viabilities and economic benefits of developing biomass projects in Fiji and showed how companies could increase their energy positions by investing in green projects.

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Vuda Piggery

Mr. Simon Cole, CEO of Vuda Piggery, shared his experience of developing a biogas plant at his piggery farm. For Vuda Piggery, the pig manure is estimated to generate 1,825 tons of waste per year with electricity generation potential of 640 MWh/year. Biogas infrastructure has been installed as part of an effluent disposal system with a large biogas digester. The facility handles 90 tons of water and 6 tons of solid waste on a daily basis. However the gas production system needs to be developed to turn the gas into electricity. A full feasibility study is required, new systems need to be designed and the total project cost could then be estimated and funding sought.

Geothermal Electric (GEL)

Mr. Tim Daniel, CEO of Geothermal Electric, introduced geothermal technologies to the audience and highlighted the great geothermal potential in Fiji. It is estimated that in the long-term 250MW / 50 MW / 50MW of capacity could be installed in Savusavu / Labasa / Viti Levu areas respectively.

Mr. Daniel also presented a case study of a geothermal project in Vanua Levu. The 1MW project would require US$1.5m for drilling and US$3.5m for plant installation. However the project has been suspended for 14 years by FEA’s paperwork and administrative requirements. The necessary next steps would be for Mr. Daniel to keep engaging with FEA on the PPA negotiations and start to look for capital raising once a PPA is confirmed. It was noted that, throughout of the Forum, topics on PPAs were heavily discussed among participants, therefore it would appear very necessary for the government to address the doubts of project developers and improve the current IPP framework.

Pacific Earth Resources Limited (PERL)

Bill Honjas from PERL made a presentation about the company and their geothermal expertise. PERL is an investment development company that focused on the forestry, minerals and energy sector. PERL’s expertise and technical knowledge on geothermal discovery and drilling could help to explore potential geothermal resources in Fiji.

Q&A Session:

1) About the 20MW plant in Nakabati - what is the ballpark construction cost?

Answer: From FEA, whatever is produced has to be fed into the grid. Nakabati project cost is estimated at US$50m.

2) A participant involved in geothermal projects in Fiji mentioned that FEA has been preventing project in Savusavu from moving ahead for many years.

Answer: from FEA, there is no intent to slow down projects. Each project developer is in charge of providing the required studies so that the authorization process can move ahead with a proper assessment of the feasibility of the project by FEA.

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3) From IUCN: Would FSC consider biogas projects in addition to biomass.

Answer: This possibility was discussed with FNU. It was suggested to conduct sample tests on feedstock.

4) IUCN: An Energy legislation is required to cover the exploration of geothermal energy for energy purposes.

Answer: DOE indicated that the Mines & Minerals Act was under review and was looking at ways to differentiate geothermal as an energy resource. GEL supports the transfer of geothermal to Energy from the Mines & Minerals department. A specific Geothermal Act for Fiji may be useful for the country.

5) SMEC International: Regarding the extension of RE, Have any studies been done to assess the capacity that the power grid can handle?

Answer: FEA has a power development plan which looks at RE capacity that is and will be supplied to the grid. No clear figure of the threshold of intermittent power that could be managed by the grid has been published yet.

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3 CONCLUSION \ FOLLOW UP

The Renewable Energy Investment Forum for Fiji assembled over 100 participants from a variety of organisations. Participants were keen to share their experiences and perspectives of the renewable energy sector in Fiji. All the objectives of the Forum have been met, based on the positive feedbacks received during and after the Forum from participants.

The participants expressed their satisfaction during and after the Forum of having the opportunity to meet regulators and potential partners. The expressions of interest and very positive feedback also showed the strong market potential for the RE sector in Fiji and the interest from private investors. According to the feedback survey, overall the Forum received a very positive response from the participants:

K More than 84% of the participants found the content interesting and excellent;

K About 70% of the guests found the presentations and speakers useful and believed that they benefited from the Forum;

(see detailed feedback survey in Appendix 3).

The Forum successfully highlighted many areas and opportunities to support the Renewable Energy sector in Fiji, as well as challenges that need to be addressed. Going forward, the following items should be addressed after the Forum:

- FEA Restructuring: There are concerns related to the privatisation of FEA and its impact on the PPA process, which creates great uncertainties for investors and project developers. The Government and FDOE need to identify the best practices of the restructuring process to reduce these uncertainties, as well as develop a timeline. As the privatisation process may take some time, an interim plan should be communicated and shared to explain how / if the PPA allocation process might be impacted (or not).

- Revised PPA: A number of participants urged the government to expedite the approval of the new PPA template and make the process more transparent and efficient. It is recommended that the proposed independent regulator is created as soon as possible to improve private sector engagement.

- Given the high level of attendance at the forum, the number of questions and debates, and the points / risks highlighted above, it is strongly recommended that a follow-up event is arranged to demonstrate follow-up actions, update the market and communicate on the progress of changes announced by Government representatives during the Forum. This should only happen once some concrete changes have actually occurred, not just to announce future potential changes.

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4 APPENDICES

Appendix 1: Forum Agenda / Speakers / Moderators

Renewable Energy Investment Forum for Fiji 9 April 2015, Holiday Inn Suva, Fiji

Agenda and Speakers 8:30-8:45 Arrival and registration Government of Fiji Ms. Susana Pulini, Ms. Miriama

Baleimatuku Government of Fiji, Ministry for Infrastructure & Transport

The Honorable Minister - Mr. Pio Tikoduadua

9:00-9:15 Welcome Address (Master of Ceremony: Ms. Lenora Qereqeretabua) UNDP Ms. Akiko Fujii, Deputy Resident

Representative 9:15-10:00 Proposed Fiji National Energy Policy (2013-2020)

- Specific policies to strengthen private sector investment Green Growth Framework for Fiji - Summary of relevant principles and policies

Department of Energy Strategic Planning Office, Ministry of Finance & Public Enterprises

Mr. Paula Katirewa, Director Mr. Ovini Ralulu

10:00-10:30 Break (photo session, morning tea, networking) 10:30-11:30 Study on formulation of IPP and investment framework for

developers of RE generation projects in Fiji, draft PPA template (Moderator: Mr. Yanis Boudjouher, ReEx Capital Asia)

IT Power Australia

Dr. Muriel Watt

Fiji Development Bank (FDB) Mr. Tevita Madigibuli Investment Fiji Mr. Godo Muller-Teut Reserve Bank of Fiji (RBF) Mr. Vereimi Levula Fiji Commerce Commission Mr Bobby Maharaj

Morning

11:30-12:30 Panel Discussion from Development Financial Institutions (support as co-investors, financing schemes, etc.) (Moderator: Mr. Yanis Boudjouher, ReEx Capital Asia)

Fiji Revenue & Customs Authority (FIRCA)

Mr. Jonetani Vuto – National Manager Risk & Compliance

12:30-1:30 Lunch

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1:30-2:15 FEAs Strategies, & Plans and Opportunities in Fiji’s Renewable Energy Sector

Fiji Electricity Authority

The CEO – Mr. Hasmukh Patel

2:15-4:15 Presentation of renewable energy investment opportunities (Moderator: Mr. Yanis Boudjouher, ReEx Capital Asia)

Project Developers Project Developers

4:15-5:15 Networking Sessions Breakout areas will be provided for discussions 5:15-5:30 Closing Speech

Government of Fiji Mr. Paula Katirewa, Director,

Department of Energy

Afternoon

5:30-8:00 Cocktail

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Appendix 2: Forum Photos

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Appendix 3: Participant List

Name Company / Organisation Location Email Phone Number 1 Abhineet Gupta USP, Laucala Campus Laucala Bay, Suva, Fiji [email protected] 2 Adrian Amato ABB Australia [email protected] 61499975029 3 Akiko Fujii UNDP Suva, Fiji Islands [email protected] 3312500

4 Alan Bartmanovich Secretariat of the Pacific Community (SPC) Nabua [email protected] 9043428

5 Amali Shawl SPC [email protected] 6 Amit singh CBS Power Solutions (Fiji) Ltd Suva, Fiji Islands [email protected] 3342428

7 Andrew Daka Pacific Power Association Ground Floor, Naibati House, Goodenough Street, Suva [email protected] 679 330 6022

8 Anirudh Singh USP, Laucala Campus Laucala Bay, Suva, Fiji [email protected] 679 3232437 9 Aruna DOE

10 Arvind Maharaj Tebara Transport Ltd [email protected] 11 Asenaca Ravuvu UNDP Suva, Fiji Islands [email protected] 3312500 12 Ashok Lal Nakabati USA 13 Atul Raturi The University of the South Pacific Suva [email protected] 679-3232430

14 Bill Honjas Pacific Earth Resources Limited (PERL) Nadi [email protected]

15 Bill Hontar PERL 16 Bimal Deo Whitesands Corporation (Fiji) Limited Nadi [email protected] 8380050 17 Bobby Naimawi FEA 18 Cedric Holtz Quadran Pacific Nouméa, New-Caledonia [email protected] 19 Cheng Lee SMEC International Malaysia [email protected] 601133250838 20 Christina. Rokoura Reserve Bank of Fiji [email protected] 21 Claire Thoms PERL 9952007

22 David Fulaga willies electrical and solar power company Honiara [email protected] 67730477

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23 Deepika Lal USP/SPC 8678282 24 Delton Jones Secretariat of the Pacific Community Suva, Fiji Islands [email protected] 3379 329 25 Dennis Wilkie Fiji Hydro Australia- Fiji [email protected] 61409270522 26 Devika Raj USP, Laucala Campus Laucala Bay, Suva, Fiji [email protected] 27 Echo Chen Hunan Construction [email protected] 28 Eliki Senivasa Dept of Forestry [email protected] 29 Elisa Kohlhase SPC [email protected] 30 Emma Mario UNDP Suva, Fiji Islands [email protected] 3312500 31 Epeli Tukana Active MIPIA 32 Faizal Khan Ministry of Public Enterprise Level 4, Civic Tower 33 Godo Teut Investment Fiji 34 Harshpreet Singh South Pole Carbon Asset Management New Delhi, India [email protected] 35 Hasmukh PATEL FEA 36 Hua Zhou SINOHYDRO [email protected] 9235836

37 Ifereimi Dau International Union for Conservation of Nature 5 Maafu Street, Suva [email protected] 7772874

38 Ilaitia Tuisawau Unity Holdings Limited Suva [email protected] 6799964608 39 Isoa Wainiqolo RBF 40 J Lavina European Union 41 Jakir Hussain FSC 9991519

42 James J W Lee Petroleum & Gas Company (Fiji) Limited Suva [email protected] 7050858

43 Jamie Ragg MV Solar Lautoka [email protected] 9984357 44 Jeke Tavai MOIT [email protected] 45 Jen Scott Sunergise [email protected] 46 Joeli Valemei DOE

47 Jonathan Juanich Pernix (Fiji) Ltd. Suva, Fiji Islands [email protected] 9994197

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48 Jonati Delaimoala DOE

49 Jone Waqasokolala Fiji Television Ltd Suva [email protected] 9990206

50 Jonetani Vuto FRCA [email protected] 51 Joseph Lavigne Global Intersections Colorado, USA [email protected]

52 Josua Turaganivalu UNDP Suva, Fiji Islands [email protected] 3312500

53 Jude Kohlhase ADB [email protected] 54 Kamal Gounder SPO,MOF Ro Lalabalevu House 55 Karunesh Rao FEA Suva 56 Kevin McCarthy Bank South Pacific Fiji, Suva [email protected] 6797089005 57 Kuini Rabo Secretariat of the Pacific Community Suva, Fiji [email protected] 679 3370733 58 Linda Kaua Pacific Islands Forum Secretariat [email protected] 59 Maneesh Sundan Australian High Commission [email protected]

60 Martin Garrood New Zealand Ministry of Foreign Affairs and Trade New Zealand [email protected]

61 Mathew Huggan Geothermal Electric Ltd P.O. Box 823 Suva 62 Merewalesi Laveti UNDP Suva, Fiji Islands [email protected] 3312500

63 Michael O'HALLORAN GREEN CIRCLE GROUP LIMITED Incorporated in FIJI [email protected] 64212864760

64 Michael O'HALLORAN O'HALLORAN COMPANY 7205436

65 Michaelfrancis mwimali umande trust kenya nairobi kenya [email protected] 254721759068

66 Michel El-Rahi PERNIX (FIJI) LIMITED Fiji [email protected] 6793100546 67 Miriama. Kolinisau DOE 68 Mo Ali Unity Holding Ltd Suva [email protected] 9381238 69 Muriel Watt IT Power Australia Australia [email protected] 61427727368 70 N. Masirewa NTC 3477133 71 NEEL KUMAR NIVIS MOTORS & MACHINERY CO Lautoka [email protected] 679 9992035

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LTD

72 Nirmal Singh Public Relations Fiji Ltd Suva [email protected] 679-9341489 73 Nixon Kua SPC EU PacTVE ProjectT Suva [email protected] 74 Ovini Ralulu Ministry of Finance

75 Peter Maharaj Maharaja Group LLC - PAC POWER CORP- Equal Earth

USA (Hawaii and mainland USA) [email protected] 8083518599

76 Prajeet Singh Nivis Motors Ltd Suva [email protected] 9734085

77 Pranil Singh European Union Level 6, TappoCity Complex, Suva [email protected] 3313633

78 R. R. Reddy, Mr. Sean Punja

Petroleum & Gas Company (Fiji) Limited Suva [email protected] 7050800

79 Rahul Gounder Commerce Commission [email protected] 80 Ravinesh Nand DOE 81 Reijieli. V DOE 82 Robert Jauncey ADB [email protected]

83 Ron Rova Partner Fiji

84 Samu Konataci Land Owner 85 Sarah Hemstock SPC Suva [email protected] 804 1208

86 Sarah Honjas Pacific Earth Resources Limited (PERL) Nadi [email protected]

87 Sarah Hontar PERL

88 Sean Pace Pacific Earth Resources Limited (PERL) Nadi [email protected]

89 Seema Chand JICA Level 8 Suva Central Building [email protected] 3302522 90 Selina Leohapper Resource Group Advisory (Fiji) Ltd Fiji/Australia [email protected] 9257755 91 Shavindra Nath FRCA [email protected] 92 Silia Kilepoa-aulesi IRENA [email protected] 93 Simon Cole Vuda piggeries 94 Suren Prasad USP 8660390

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95 Susana Pulini DOE 96 Talica Ratulevu Investment Fiji [email protected] 97 Tevita Madigibuli FDB P.O Box 104 Suva 98 Tevita Tupou FRCA [email protected] 9991500 99 Thomas Jensen UNDP Suva, Fiji [email protected] 3300399

100 Thomas Peters FSC [email protected] 101 Tim Daniel Geothermal Electric Ltd Fiji [email protected] 102 Timoci Tuisawau Unity Holdings Limited Suva [email protected] 6799043665 103 Tukatara Tangi New Zealand High Commission Suva, Fiji [email protected] 9977503 104 Ulaiasi Butukoro DOE 105 Vinit Lal Ministry of Infrastructure 9474879 106 Wini Nainoca UNDP Suva, Fiji [email protected] 3312500 107 Yuyu Huang Chongjiang Institute

108 Zoheb Khan China Gezhouba Group-Fiji Branch 18 Rakua Street, Nailuva Road, Suva, Fiji [email protected] 6793684188

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Appendix 4: Participant Feedback RENEWABLE ENERGY INVESTMENT FORUM - EVAULATION

09TH APRIL 2015 HOLIDAY INN, SUVA

1 - POOR 2 - NOT BAD

3 - NEUTRAL 4 - INTERESTING

5 - EXCELLENT

CONTENT PRESENTATIONS PRESENTERS BENEFITS TO ORG.

OVERALL OTHER COMMENTS

1 5 5 4 5 5 Overall very useful information shared and very good discussions on renewable/clean energy for Fiji

2 4 4 4 4 4 From New Zealand. Hopefully the major outcome of the forum will be the urgent change of processing of PPA applications by FEA. The direct loss of economic, social and environmental benefits to the nation from FEA's zero processing of PPAs is appalling.

3 4 3 3 4 4 Try to present all facet of renewable next time. Some presenter did not discuss their part.

4 4 4 4 4 4 Very informative session/forum. FEA's H. Patel good presentation. Dr. Muriel Watt - good and valuable information. Good handouts.

5 4 2 2 5 4 Venue very uncomfortable/ too hot. Air-con not working. Food very good. Audio very good.

6 2 4 3 4 4 I hope government will seriously look at Dr. Muriel Watt's report and take heed of the recommendations. Also I would like to thank the Department for the timely forum and look forward to seeing the changes which are expected from the reforms as done by the Ministry of Public Enterprises.

7 4 3 3 4 4 It would have been good to see more opportunities especially untapped potential.

8 5 4 4 5 4 9 4 4 4 4 4 A very informative and interesting forum that gives some insight into

what is out there for Fiji in terms of renewable energy financing.

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10 5 4 4 4 4 11 4 4 4 2 5 Good. 12 5 5 5 5 5 This forum presented me a precious opportunity to gain knowledge

and will bring new thoughts to our company in working together with Fiji to create new access for Fiji's people to electricity

13 5 5 5 5 5 Very informative particularly from FEA and ministries. 14 4 4 4 5 5 From Australia. Well worth the effort to attend. 15 4 3 3 3 3 16 3 3 3 3 3 17 4 4 4 3 4 An interesting forum. Let us hope that FEA is more responsive in

issuing PPA to IPPs. 18 5 4 4 5 5 Awareness is very important for the stakeholders to realise what is

happening around us. I strongly suggest that the presentation by Mr. Hasmukh Patel and Ms. Muriel Watt must be circulated to all for us to circulate and understand.

19 5 4 4 4 4 Better cooling for the room. 20 5 5 5 5 5 Organisation of speakers and timing could be better controlled. Well

Done. 21 4 5 4 4 From a regulatory perspective, it is an opportunity to understand the

demand and supply elements. 22 4 5 5 5 5 DOE to publish Investor Booklet for energy on an annual basis. 23 4 3 3 5 4 Very informative and honest seminar. Key points highlighted. Let's

hope these are acted on. Great to know that there are companies there who are giving their best.

24 4 4 5 5 3 Generally good. Should have focused on solar PV and hybrid power projects.

25 4 3 4 4 4 26 4 4 4 4 4 Timely workshop! A lot is going on and future for renewable energy

in Fiji looks bright. 27 5 5 4 4 5 A good mix of presentations with very relevant information provided

to participants. A recommendation to have a follow-up conference maybe in another area of renewable energy apart from investment opportunities. Good points raised and would be helpful for locals as

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well as investors if government procedures could be made easier and faster.

28 3 4 2 2 3 Presentation by Hasmukh and P.S. Trade was best. I am still wondering what we were supposed to achieve at the end of the seminar.

29 4 Presentation Mr. Hasmukh Patel very effective. Please all private sector business should discuss about privatization of FEA. Don't forget landowners should always benefit from FEA. Think about the resources owners of Monasavu to increase royalty to landowners.

30 5 4 4 3 4 Would have been nice to have some successful power producers present their projects and key learnings. Some finding and presentation is questionable. How did were these numbers derived? Who has verified the figures?

31 4 3 4 3 3 Another talkfest? . 32 3 3 4 2 5 There could have been more discussions if time had been available

for such discussions to take place.

Content Presentation Presenters Benefits to Org.

Overall

Poor 0% 0% 0% 0% 0% Not Bad 3% 3% 6% 9% 0% Neutral 9% 25% 19% 16% 16%

Interesting 53% 47% 56% 38% 50% Excellent 31% 22% 16% 34% 31%

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