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The necessity of electricity is increasing day by day, from escalating the revenue of small business to development of a country. Majority of the world population does not have access to electricity. This paper will represent similar scenario by a case study done for Papua New Guinea (PNG). Majority of the population in Papua new Genie do not have access to electricity. PNG mostly depend on hydro power and imported fuels for generation of electricity. Although PNG have very good amount of renewable potential but is underutilized due to improper policy and lack of finance. Government of PNG (GoPNG) has set an enormous target to supply electricity to 70% of the population by 2030 and become carbon neutral by 2050. To achieve this target PNG is working with United Nation Development Plan (UNDP) along with different organisation and countries. PNG is constantly developing strategic plans and policies to increase sustainability in energy sector, but is not sufficient. An action plan name STREIT funded by European Union (EU) was form to develop renewable technology in rural areas.
In this project different sites are selected across east and west Sepik provinces mainly public community centres for the installation of solar PV system. Both technical and financial feasibility has been done for these locations. This paper will mostly discuss about the financial aspect of the project which was done using the software HOMER and also different business models and financing options which could be implemented in PNG is discussed. There is comparison of different financing option which is practice in other countries and lastly challenges of the project are mentioned.
