19 Nov 2012

Solar Samoa project negotiating with potential investor

8:08 pm on 19 November 2012

The company behind a multi-million dollar solar power project in Samoa is hoping to woo a new investor in Australia.

Solar Samoa Limited suffered a set-back when a financier failed to come up with funding under an agreement signed in July.

Under the private 20 million US dollar project, 1 point 75 megawatts of solar power will be generated in Samoa each year, reducing the country's reliance on fossil fuels.

The company chairman,Oloipola Terrence Betham says they are negotiating with an Australian solar panel installer that has the potential to fund the entire project.

"It's a very credible party and a very serious party to provide us with the necessary technical and financing background, it's here in Samoa right now. They've been here before, they've had discussions with EPC before and at the moment I'm meeting with them right now."

Oloipola Terrence Betham says he hopes a new deal can signed within a month.