Solar power project gets bank support

BUSINESSES in Papua New Guinea are now benefiting from the solar power loan project launched early this month by ANZ and Nationwide Microbank.
The project allows individuals, small business owners and entrepreneurs to buy renewable energy technologies such as solar power, through flexible, low-interest loans.
Matt Carr, project manager for solar power loans, said: “The people of PNG spend huge amounts of money on kerosene. This project aims to redirect that wasted money into modern and sustainable energy technologies like solar power.”
This concept would increase the financing available for renewable energy in PNG, boosting sales for solar retailers, increasing business opportunities for entrepreneurs and generating savings and investment for small businesses.
He said at least 4.5 million people in PNG were without access to electricity, spending K240 million each year on kerosene for lighting.
Mr Carr said alternative energy solutions such as solar power, pico-hydro power, coconut oil fuel and energy-efficient technologies are particularly effective in PNG.
“This is because they offer cheaper, more reliable and adaptable alternative power sources in remote areas where there is no power grid … it is difficult and expensive to purchase petroleum products like diesel and kerosene”.
Solar retailer for ESCO Madang Warren Kakat said: “We receive a lot of enquiries from people wanting the technology, but they just cannot afford it.
“With affordable financing now available we are seeing a change.”
Tony Benedict from Solar Energy Systems in Madang is a solar retailer who has applied for a solar power loan with ANZ for his business.
He explains that “through the solar power loan project, I am able to get the capital I need to buy more stock for my business in an affordable package”.