Samoa's government says it has made a "significant step forward" in its transition to a sustainable energy future after commissioning the country's first wind farm.
The 550 kWe project was delivered by Abu Dhabi-based Masdar and is the second to be completed under the UAE's $50 million Pacific Partnership Fund. It features an innovative cyclone-proof wind turbine design and will help Samoa reduce its dependence on imported fuel.
The wind project consists of two 55 m-high turbines that can pivot at the base. In the event of a cyclone, they can be lowered and locked in place in less than one hour.
Located on the Samoan island of Upolu - home to nearly 75 per cent of the population - the wind farm will supply 1500 MWh of power per year and deliver $475 000 in annual fuel cost savings.
"This innovative, bespoke project offers energy access to thousands of people, whilst demonstrating the validity of renewable energy as an economic enabler," said His Excellency Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development (ADFD), which manages the Pacific Partnership Fund. "We believe this project will unlock a significant opportunity for the Samoan government and its people."
The UAE Pacific Partnership Fund supports the deployment of renewable energy across Pacific island states and represents one of the largest-ever investments in clean energy across the region. A 512 kWe solar PV installation in Tonga, achieving nearly 70 per cent grid penetration, was the first project to be completed under the Fund.
Masdar is also currently progressing solar PV projects in Fiji, Kiribati, Tuvalu, and Vanuatu. The projects aim to help Pacific nations address the very high cost of diesel imports, says Masdar.
Actis commits to Mexican venture
Actis says that its new energy platform in Mexico, Zuma Energía, has completed its first acquisition in the country.
The London-based private equity firm says that it is committing $250 million to establish Zuma, which is aiming to build a portfolio of over 500 MW of installed capacity in Mexico.
Zuma recently bought and closed the financing of PE Ingenio SAPI de CV, a 50 MW wind farm located in the state of Oaxaca. The project will be built by Acciona Energía.
Zuma's growth strategy will involve partnering on new projects as well as developing its own proprietary pipeline. The firm will leverage Actis' experience in the power sector, including project finance, construction and operations, to build a leading independent power producer in Mexico.
Zuma is Actis's fourth power generation platform in Latin America, following recent investments in Brazil, Chile and Central America.
"Supported by the recent reform agenda in the energy sector, Mexico has compelling fundamentals for investing in power generation, including superior natural resources, an evolving and supportive regulatory framework and an deep project finance capacity," said Michael Till, Co-Head of Energy at Actis. "Drawing on our deep understanding of the Latin American energy sector we are looking forward to building one of Mexico's leading suppliers of competitive power."
Zuma's Ingenio wind project will receive debt finance from Bancomext and will have Comexhidro as a local partner with a five per cent interest. "We are proud to support the financing of this project. It is a testimony to our commitment to financing renewable energy projects," said Enrique de la Madrid, CEO Bancomext.
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