Abu Dhabi Fund for Development (ADFD) has confirmed the allocation of approximately $105 million for eight renewable energy projects under the seventh cycle of its partnership with the International Renewable Energy Agency (IRENA).
The facility announcement marks a record level of funding for any cycle since the Facility was launched and will provide funding for eight projects in Antigua and Barbuda, Burkina Faso, Chad, Cuba, the Maldives, Nepal, Saint Lucia and Saint Vincent and the Grenadines, ADFD said in a statement.
The facility supports developing countries in securing low-cost capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development on the ground.
Mohammed Saif Al Suwaidi, director general of ADFD, said: “Today’s announcement re-affirms the UAE’s and ADFD’s leading efforts to combat the effects of climate change by stimulating robust development across the global renewable energy sector.
"The Fund’s commitment to this priority has enhanced long-term growth prospects and yielded socio-economic benefits for millions of lives in line with the national objectives of the beneficiary countries.”
Francesco La Camera, director-general of IRENA, added: “Overcoming investment needs for energy transformation infrastructure is one of the most notable barriers to the achievement of national goals. Therefore, the provision of capital to support the adoption of renewable energy is key to low-carbon sustainable economic development and plays a central role in bringing about positive social outcomes.”
He added: “The record levels of funding announced in this cycle of the facility will not only support the eight chosen countries in their pursuit of energy and climate plans but will also further global ambitions to build a sustainable future. This facility is a true reflection of the transformational outcomes that organisations with shared goals can deliver when they come together, and provides a blueprint effective cooperation in the future.”
In Antigua and Barbuda, an 8MW hybrid power plant (solar and wind) will receive an ADFD investment of $15 million while in Burkina Faso, an ADFD loan of $5.5 million will contribute to the construction of a 3MW solar PV power plant in the country.
In Chad, the ADFD loan of $15 millionwill contribute to the construction of a sixMW solar power plant while in Cuba, a project will receive an ADFD loan of $20 million to install 8.5MW of solar PV capacity, supported with 2MW of energy storage, in Isla de la Juventud.
In the Maldives, a waste-to-energy plant project in the city of Addu will receive an ADFD loan of $14 million while in Nepal, a project will receive an ADFD loan of $10 million to support a total of 20 biogas digesters which will serve as demonstration units to 270 municipalities.
In Saint Lucia, the 10MW Troumassee solar power station, battery storage and setting up solar energy systems in the country, will receive an ADFD loan of $15 million while in Saint Vincent and the Grenadines, an ADFD loan of $10 million will support the installation of a 7MW solar PV project and benefit 2,444 households.
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