Sevens Pacific Pte Limited acquires 44 percent of EFL shares

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

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

While speaking during the MOU signing, Bainimarama says the Fijian Government had always aimed to secure a strategic investor in EFL who would align Fiji’s energy sector to international best practices and ensure the long-term development of robust renewable energy programs.

Bainimarama further says government will remain the majority shareholder.

Bainimarama says EFL is already at the forefront in adopting renewable energy sources.

He says 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.

Minister for Economy Aiyaz Sayed-Khaiyum says the opportunities in Fiji are numerous as Fiji is seen as the hub of the South Pacific.

He says EFL has been run well and with this partnership there are enormous opportunities for EFL to venture into investment opportunities outside of Fiji too.