This is the first report of the Program that was jointly developed by PSOD and PAEN under One ADB since it was approved in April 2019. The Pacific Renewable Energy Program (Program) provides an umbrella facility of up to $100,000,000 of financing support, including loans, guarantees, and letters of credit, to overcome the constraints to private sector investment in renewable energy projects in island countries. Pacific Renewable Energy Program Annual Report April–December 2019