The Fiji Electricity Authority said it has a number of projects worth millions of dollars however it may be difficult for them to embark on these projects.
Some of the projects FEA is looking at are the Nadarivatu Hydro Dam which is under construction, Qaliwana Hydro located at the upper reaches of Nadarivatu, Wailoa downstream and the Vuda biomass.
FEA chief executive Hasmukh Patel said they signed a power purchase agreement with a company called I Viti which has plans to start a waste to energy plant in Sigatoka.
Patel said millions of dollars is needed to fund these projects and FEA is not in a position to borrow money to fund these projects.
He added they made a profit of $2.5 million in 2008, and a profit of $2.4 million last year while this year so far they have made a loss of $10 million.
He highlighted that the Nadarivatu project which is funded by a loan of $US100 million was taken from two financial institutions.
Patel said FEA has to meet payments on a yearly basis and with the situation currently faced by FEA, there is a possibility that FEA may breach it’s terms of repayment.
The Nadarivatu Dam project is expected to be completed by August next year.
Story by: Praneeta Deo
FEA not in position to borrow for projects
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