The historic public-private partnership is targeting strategic deployments of solar PV, wind, and battery storage
The Republic of Palau, EARTHx, and GridMarket are thrilled to announce that they have entered into a partnership to help Palau meet its energy goals, including achieving 45% renewable generation by 2025. This public-private partnership will transition Palau’s energy economy away from a dependency on imported diesel and towards a resilient, self-sustaining energy infrastructure. By implementing solar PV, wind, and battery storage, Palau will strengthen its grid, reduce energy costs, and emit significantly less carbon.
A strategy was presented by the partnership and approved by President Tommy E. Remengesau, Jr. who travelled to New York for the 72nd session of the United Nations General Assembly.
“The Republic of Palau is committed to creating a cleaner, more resilient energy infrastructure,” said President Remengesau. “It is imperative that we act now, and I am thrilled to be launching our initiative with GridMarket and EARTHx. This is an exciting partnership because it allows us to rapidly identify and deploy the ideal solutions to meet our near term targets, while also ensuring that we create a lasting and sustainable energy economy. ”
Key points from the plan included a project deployment schedule created using the GridMarket platform, proposed project financing structures, and a number of targeted implementation programs. GridMarket’s project recommendation engine leveraged mapping technology and predictive analytics to site the most impactful utility scale projects and remotely create granular customer-sided deployment targets for Palau’s government buildings, commercials properties, and residential homes. The proposed solutions will diversify Palau’s energy generation sources, creating the most beneficial, cost-effective path to lasting energy independence.
“We want Palau’s goals for 2025 to be just the beginning of a new energy future for the country,” said GridMarket CEO, Nick Davis. “By diversifying generation, introducing new revenue streams, and educating a local workforce, this new energy economy will experience sustained growth. And by decentralizing its energy infrastructure through the development of microgrids across the country, Palau will improve its resilience and provide its citizens with more reliable access to power in the face of natural disasters.”
With the approved strategy now in place, GridMarket and EARTHx will begin leveraging their respective networks to rapidly select technology providers, secure project funding, and showcase success. A forthcoming request for proposals will be issued through the GridMarket Platform.
“It’s imperative that solution providers and partners from around the world participate in GridMarket’s RFP in order to improve the Republic of Palau’s resilience and accelerate its clean energy future,” said Trammell S. Crow, founder of EARTHx.
“Palau will be a model for small island nations across the globe looking to implement renewables, strengthen resilience, and transition their economies away from a dependence on imported fossil fuels. We are proud to host President Remengesau at EARTHx in 2018 in order to celebrate Palau’s progress and the partners who’ve contributed to their success.” [/restrict]