Abu Dhabi Fund for Development (ADFD) has confirmed the allocation of approximately US$105 million for eight renewable energy projects in Antigua and Barbuda, Burkina Faso, Chad, Cuba, the Maldives, Nepal, Saint Lucia and Saint Vincent and the Grenadines, under the seventh cycle of its partnership with the International Renewable Energy Agency (IRENA).
The announcement made during the 10th IRENA Assembly brings cumulative funding to date to US$350 million, in line with the commitment made by ADFD across seven funding cycles to IRENA recommended projects.
The facility supports developing countries in securing low-cost capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development on the ground.
Antigua and Barbuda
An 8 MW hybrid power plant (solar and wind) will receive an ADFD investment of US$15 million.
An ADFD loan of US$5.5 million will contribute to the construction of a 3 MW solar photo voltaic (PV) power plant in the country.
The ADFD loan of US$15 million will contribute to the construction of a 6 MW solar power plant.
A project will receive an ADFD loan of US$20 million to install 8.5 MW of solar PV capacity, supported with 2 MW of energy storage, in Isla de la Juventud.
A waste-to-energy plant project in the city of Addu will receive an ADFD loan of US$14 million. The 1.5 MW renewable energy project will utilise waste in generating electricity and reduce dependence on imported fuel.
A project will receive an ADFD loan of US$10 million to support a total of 20 biogas digesters which will serve as demonstration units to 270 municipalities. The digesters will convert organic waste into useful energy and offset the use of fossil fuels by replacing it with renewable natural gas.
The 10 MW Troumassee solar power station, battery storage and solar energy systems in the country will receive an ADFD loan of US$15 million.
Saint Vincent and the Grenadines
An ADFD loan of US$10 million will support the installation of a 7 MW solar PV project.
Since the first cycle selection of projects in 2014, ADFD has successfully funded 32 renewable energy projects across the world, covering up to 50% of the total project costs.
Since its inception in 1971, ADFD has financed hundreds of development projects in the renewable energy sector around the world worth US$1.187 billion (AED4.4 billion). Driving the objectives of the United Nations' SDGs, these projects have contributed to the production of more than 2625 MW of renewable energy in 62 countries.
Read the article online at: https://www.energyglobal.com/special-reports/13012020/adfd-approves-financing-of-renewable-energy-projects/