$50m UAE-Pacific Fund to promote sustainability
Fund will develop renewable energy projects for five Pacific countries
Masdar, in partnership with Abu Dhabi Fund for Development, will develop renewable energy projects for five Pacific countries.
The $50 million UAE-Pacific Partnership Fund aims at financing solar and wind projects in Fiji, Kiribati, Samoa, Tuvalu and Vanuatu.
The projects will be financed from Abu Dhabi Fund for Development (ADFD) and co-designed and implemented by Masdar, Abu Dhabi’s renewable energy company, in cooperation with each country’s government.
At a signing ceremony held during Abu Dhabi Sustainability Week, His Excellency Dr. Sultan Al Jaber, UAE minister of state and CEO of Masdar, said: “Access to clean energy is a critical component of economic and social development. This is especially true in the Pacific, as island nations face some of the highest fuel costs in the world and clean energy delivers a tremendous impact in terms of savings and growth potential.”
La’a Lahi ‘Big Sun’ solar plant in Tonga, the first project to receive funding from the UAE, is an example of the UAE’s efforts to deploy renewable energy as a form of development assistance. The Pacific projects are expected to save more than 1.2m liters of diesel fuel annually and mitigate 3,030 tons of carbon dioxide per year.
“The deployment of renewable energy is a unique way forward — decoupling energy access and equity from environmental impacts for the first time. We are honored to support these projects and to showcase the viability of this sustainable development model,” said His Excellency Mohammed Saif Al Suwaidi, director-general of the Abu Dhabi Fund for Development.
Launched in March 2013 by His Highness Sheikh Abdullah bin Zayed Al Nahyan, the UAE’s minister of foreign affairs, the UAE-Pacific Partnership Fund covers project feasibility studies, engineering design, plant equipment supplies and installation, construction and operation and maintenance training.