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Abu Dhabi grants US$105m to global renewable energy projects

Source: 
CNEgypt

The announcement was made during the International Renewable Energy Agency (IRENA) Assembly, held in the emirate over the weekend.

The funding, which will be administered to countries in Asia, the Caribbean and Africa, marks the end of a joint project facility launched by the Abu Dhabi Fund for Development (ADFD) and IRENA in 2014. So far under the programme, 26 countries have secured a total of US$350 million of investment across seven funding cycles.

The lions share of investment in the final funding round is earmarked for solar PV. The ADFD granted US$15 million to an 8MW solar-plus-wind power plant in Antigua and Barbuda; US$20 million to install 8.5MW of solar PV backed by 2MW of energy storage in Cuba; US$10 million to a 7MW solar project in Saint Vincent and the Grenadines; and US$15 million to a 10MW power station in Saint Lucia, as well as other battery storage and solar system projects. A 6MW solar plant in Chad will benefit from US$15 million in funding and a 3MW solar plant in Burkina Faso will receive US$5.5 million.

Funding is also earmarked for biogas and waste-to-energy projects in the Maldives and Nepal.

Francesco La Camera, director-general of IRENA, noted in a statement that procuring funding for energy transformation infrastructure is one of the most notable barriers preventing countries from achieving their "national goals".

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, he said.

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.

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