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UAE Provides Loans For Renewable Energy Projects In Caribbean, Africa

SAN JUAN – The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) announced Sunday $46 million in concessional loans for four renewable energy projects in developing countries. The 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 ADFD is a Government of Abu Dhabi institution established to assist developing countries by providing concessionary loans to finance development projects. The fund has provided and managed more than AED 74 billion since its inception to finance 481 projects in 78 countries around the world. IRENA is a hub for renewable energy cooperation and information exchange by 145 members (144 states and the European Union). Roughly 30 additional countries are in the accession process.

The four announced projects are expected to result in nearly 12 megawatts of new renewable energy capacity.

About the funded projects:

– Antigua and Barbuda: A 4 megawatt wind and solar project will receive $15 million to provide energy to desalinate water and increase climate resilience. The project will avoid 8,275 tons of CO2 per year.

– Burkina Faso: A 3.6 megawatt solar photovoltaic (PV) mini-grid project will receive $10 million to provide energy services to more than 12,000 local families. The project will avoid 2,500 tons of CO2 per year.

-Cabo Verde: A 2 megawatt hybrid grid-connected solar PV and wind project will receive $8 million to provide a 100 percent renewable energy solution for the Island of Brava. The project will avoid 4,665 tons of CO2 per year.

– Senegal: A 2 megawatt solar PV mini-grid project will receive $13 million to supply electricity to rural villages. The project will avoid 3,200 tons of CO2 per year.

Previous projects approved for funding in cycles one and two include solar, hydropower, geothermal, biomass, wind and hybrid projects in Argentina, Ecuador, Cuba, Iran, Maldives, Mali, Mauritania, Samoa, Sierra Leone and St. Vincent and the Grenadines.

Loans are provided to finance up to 50 percent of each project.

The fourth funding cycle is open for project proposals until Feb. 15, with concessional loan interest rates of 1-2 percent provided by ADFD.

“Accelerating the energy transition to renewables requires all countries to take action to develop their own local renewable energy sources,” said IRENA Director-General Adnan Z. Amin at a press conference on the sidelines of IRENA’s sixth assembly. “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.”


Category/ies:Antigua & Barbuda News, Funding Opportunities, News, Renewable Energy, Solar Energy, Wind energy.
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