UAE funds renewable energy projects worth $46m in developing countries
Four projects to result in nearly 12MW of new energy capacity
The UAE’s Abu Dhabi Fund for Development (ADFD) has announced $46 million in concessional loans for four renewable energy projects in Africa and the Caribbean.
The loans, offered in conjunction with the International Renewable Energy Agency (IRENA), are the third cycle of funds provided by the ADFD to bolster sustainable energy projects in the developing world.
“The UAE is extremely proud to support these projects that will help foster sustainable energy transition locally and globally,” said Thani Al Zeyoudi, director of energy and climate change at the Ministry of Foreign Affairs (MoFA).
“In addition to these projects, the UAE has committed over $340 million for sustainable efforts in developing countries.”
The IRENA and ADFD loans will fund a wind and solar project in Antigua and Barbuda, a solar project in Burkina Faso, a solar and wind project in Cabo Verde and a solar project in Senegal. The four projects will result in nearly 12 megawatts (MW) of new renewable energy capacity, reduce emissions, create jobs, and electrify rural communities.
“While renewable energy resources are abundant in many developing countries, adequate finance can still be a barrier to deployment. IRENA and ADFD’s pioneering partnership contributes to overcoming this challenge, by selecting innovative projects for concessional funding,” commented IRENA director-general Adnan Z. Amin.
Mohammed Saif Al Suwaidi, director-general of ADFD, noted that the body’s collaboration with IRENA has contributed to tackling the lack of power infrastructure that was hindering development projects in developing countries. “Through this collaboration, we have ensured the availability of necessary financial resources to move the sustainable development agenda forward.”
