The Saudi Fund for Development (SFD) has signed a $10 million development loan agreement with the Solomon Islands. This is the first time SFD has funded a project in the Pacific nation. The money will go toward building solar power systems with a total capacity of 35.5 megawatts.
The new system will include solar plants connected to energy storage units that store electricity by the hour. The aim is to help the Solomon Islands reduce its use of traditional fuel sources. The energy produced will support electricity access in areas where the grid is not fully developed.
The agreement was signed in the presence of Solomon Islands Prime Minister Jeremiah Manele. SFD representatives also attended the signing. This marks the beginning of formal cooperation between Saudi Arabia and the Solomon Islands in the energy sector.
SFD was established in 1974. Since then, it has funded more than 800 projects in over 100 countries. These projects cover sectors such as health, education, water, transport, and energy. The total value of all its development projects exceeds $21 billion.
In the Middle East, SFD has also funded small renewable energy projects. In Jordan, SFD helped finance a 50 MW solar project in Ma’an, including associated grid upgrades. In Lebanon, the Fund supported a rural solar mini-grid pilot, supplying 2 MW of off-grid power to remote communities. In Yemen, SFD provided funds for solar-powered water pumping systems in rural areas, with a combined output of over 5 MW, used mainly for irrigation and drinking water systems.
SFD’s growing involvement in energy reflects broader efforts to support renewable sources in countries facing energy access challenges. Its role also includes offering technical assistance and capacity-building through regional partnerships.
