ADFD to fund projects worth $44m in four countries
Marshall Islands, Solomon Islands, Niger, and Seychelles will receive $44.5m (AED163.4m) in funding
Four renewable energy projects in the Pacific and Africa have been identified by Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA).
Marshall Islands, Solomon Islands, Niger, and Seychelles will receive $44.5m (AED163.4m) in funding, state news agency, WAM reported
ADFD’s funding will support a diverse set of projects including a hybrid micro-grid project employing solar PV and advanced lithium-ion batteries, a hydropower project, integrated wind and solar, and a combination project consisting of micro-grid and solar home kits.
The announcement of this fourth round of funding by the IRENA/ADFD Project Facility was made at the seventh session of the IRENA Assembly.
"The UAE’s commitment to advancing sustainable energy transitions in countries around the world has been unwavering," said Ali Al Shafar, the permanent representative of the UAE to IRENA. "Our renewable energy development aid has been growing significantly to more than $900m.”
Through the IRENA/ADFD project facility, ADFD provides concessional loans ranging from $5m to $15m per project.
Finance is offered at 1 to 2% lending rates with a 20-year loan period, including a five-year grace period.
Loans for each project cover up to half of the estimated project cost, leveraging additional funding from other sources.
The projects selected in this funding round include, a 4.6-megawatt (MW) hybrid micro-grid project in Marshall Islands, using solar PV and advanced lithium-ion batteries.
A project focused on rural electrification in Niger, using 2.1MW solar PV micro-grids and solar home kits.
A government supported solar PV utility scale project in Seychelles will integrate a 5MW solar PV plant into an existing wind farm, demonstrating an innovative space-saving solution for this small island nation.
A government-backed 20 MW reservoir dam and hydropower facility in Solomon Islands will diversify the country’s energy mix.