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Abu Dhabi fund and Irena award Africa community PV finance

The Abu Dhabi Fund for Development (ADFD) and the renewable energy body International Renewable Energy Agency (Irena) have earmarked $25m in concessional loans for PV developments in Mauritius and Rwanda.

The finance, underwritten by the $350m Irena/ADFD Project Facility set up in 2013 to help developing countries access low-cost capital for renewable energy production, will cover 50% of the cost of the two projects, which, in Mauritius will see PV installed on rooftops of 10,000 households, and in Rwanda 500,000 off-grid solar home systems wired-in.

“For developing countries, renewable energy is a triple win: it provides a cost-effective means of providing electricity to families, fuels economic growth, and supports energy independence and security,” said Irena director-general Adnan Amin.

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“However, many developing countries have trouble accessing financing for renewable energy investment. Our continued partnership with ADFD will provide a stable, low-cost source of financing to help Mauritius and Rwanda achieve a sustainable energy future.”

ADFD director general Mohammed Saif Al Suwaidi added: “Our collaboration with Irena articulates ADFD's core mandate to support sustainable economic and social progress across developing countries through financing development projects that serve vital economic sectors. ADFD priorities renewable energy as a catalyst for inclusive economic and social development.”

“We believe that through the widespread promotion of sustainable energy projects in countries with immense clean energy potentials, we can contribute to the long term economic prosperity of communities across the word.”

Since 2014, ADFD has awarded $214m to 21 projects, attracting over $420m in additional co-financing from governments and development funds.

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