The Abu Dhabi Fund for Development (ADFD) has announced $105m of funding for eight renewables projects in developing countries at the International Renewable Energy Agency (Irena) Assembly in Abu Dhabi on Sunday
The funds from the Irena/ADFD Project Facility will be used for wind, solar, waste-to-energy and biogas projects in Antigua and Barbuda, Burkina Faso, Chad, Cuba, the Maldives, Nepal, St Lucia, and St Vincent and the Grenadines.
The amount was the highest annual contribution from the initiative, which has provided $350m of finance to renewables projects in developing nations over the past seven years.
“Overcoming investment needs for energy transformation infrastructure is one of the most notable barriers to the achievement of national goals,” said Irena director-general Francesco La Camera. “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.”
Mohammed Saif Al Suwaidi, Director General of ADFD, said the fund “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”.
The eight recipient projects are:
Antigua and Barbuda: A $15m investment for a 8MW hybrid solar/wind project.
Burkina Faso: A $5.5m loan for a 3MW solar plant that will extend electricity to about 40,000 rural citizens and support up to 1,000 local businesses.
Chad: A $15m loan for a 6MW solar plant that is expected to benefit more than 215,000 people in six cities.
Cuba: A $20m loan for a 8.5MW PV peoject with 2MW of energy storage on the Isla de la Juventud, which will benefit 32,300 people.
Maldives: A $14m loan for a 1.5MW waste-to-energy plant that will reduce dependence on imported fossil fuel and benefit 35,000 people.
Nepal: A $10m loan to support 20 biogas digesters, which convert organic waste into renewable natural gas.
St Lucia: A $15m loan for the 10MW Troumasse solar plant, battery storage and “setting up solar energy systems in the country”.
St Vincent and the Grenadines: A $10m loan for a 7MW solar project that will reduce dependence on imported diesel.