Solomon Islands - Tina River Hydropower Development Project : Additional Financing

Overview & Synopsis

The objective of the Additional Financing for the Tina River Hydropower Development Project is to increase the share of renewable energy through hydropower in Solomon Islands. This project paper also seeks approval of a related restructuring, which includes: (i) an extension of the loan closing date of the IDA credit and grant from December 15, 2025 to February 15, 2029 thus extending the project closing date by 38 months due to a change in pace of implementation, (ii) a second extension of the closing date for the Green Climate Fund (GCF) credits and grant from December 15, 2025 to October 30, 2026, (iii) a change in cost of components, (iv) modification of the end target and end date of the indicators in the results framework, (v) updated implementation schedule and (vi) updated disbursement estimates. There is no change to the Project Development Objective (PDO), the fiduciary arrangements, or legal covenants, and there are no safeguarded policies triggered. The monitoring and evaluation plan for PDO and Intermediate Results Indicators remains as described in the project appraisal document dated May 24, 2017. The team has also assessed the risks, and the latest risk ratings remain relevant and are maintained.