ADFD financed renewable energy project launches in Cuba

Abu Dhabi Fund for Development (ADFD), a national entity for international development aid, together with the Cuba’s Ministry of Energy and Mines and International Renewable Energy Agency (IRENA), have inaugurated a new 10 MW solar photovoltaics project. The grid-connected project was financed by ADFD with US$15 million under the IRENA/ADFD Project Facility and will deliver enough electricity to power the equivalent of nearly 7000 Cuban homes.

The solar photovoltaics project contributes to the Cuban government’s national objectives to reduce the use of fossil fuels for electricity generation and increase the share of power from renewables to 24% by 2030. This project will mitigate around 12700 t of CO₂ emissions annually.

The inauguration took place in the presence of Cuba’s Vice-Minister of Energy and Mines, Mr. Livan Arronte, His Excellency Bader Almatrooshi, UAE Ambassador to Cuba, and Francesco La Camera, Director-General of IRENA.

The project was approved for funding by ADFD during the second cycle of the IRENA/ADFD Project Facility as part of the ADFD initiative launched in 2013 with a commitment of US$350 million over seven funding cycles to support renewable energy projects in IRENA-member developing countries.

IRENA Director-General Francesco La Camera said: “Today marks an important moment for Cuba and the Cuban people. Renewable energy supports energy security, creates jobs and contributes to emission reductions. This 10MW project sets Cuba on a positive pathway to meeting these objectives and demonstrates that through strategic cooperation we can inject momentum into the energy transition."

To date, ADFD has provided concessionary loans cumulatively valued at US$245 million to 24 renewable energy projects over six cycles of the IRENA/ADFD Project Facility.

Read the article online at: https://www.energyglobal.com/special-reports/05072019/adfd-financed-renewable-energy-project-launches-in-cuba/