Mubasher TV
Contact Us Advertising   العربية

ADFD allocates $105m for renewable energy projects

ADFD allocates $105m for renewable energy projects
The new projects bring the cumulative funding to $350 million to date

UAE – Mubasher: The leading national entity for economic development aid, Abu Dhabi Fund for Development (ADFD), on Sunday announced the allocation of nearly $105 million for eight renewable energy projects in line with the seventh cycle of its partnership with the International Renewable Energy Agency (IRENA).

The IRENA/ADFD Project Facility will provide funding for projects in Antigua and Barbuda, Burkina Faso, Chad, Cuba, the Maldives, Nepal, Saint Lucia, and Saint Vincent and the Grenadines, according to a press release.

Implemented across Asia, Africa, Latin America, and Small Island Developing States, the projects include a vast spectrum of renewable energy sources, including – wind, solar, hydro, geothermal and biomass – and technologies.

The new projects, which were announced during the tenth IRENA Assembly, bring the cumulative funding to $350 million to date. 

Since 2014, ADFD has succeeded in funding 32 renewable energy projects worldwide, covering up to 50% of the total costs and bringing 200 MW of renewable energy capacity online while empowering above seven million people with access to electricity.  

Commenting on this, director general of ADFD, Mohammed Saif Al Suwaidi, said, “Today’s announcement reaffirms the UAE’s and ADFD’s leading efforts to combat the effects of climate change by stimulating robust development across the global renewable energy sector.”

Meanwhile, director-general of IRENA, Francesco La Camera, commented, “The record levels of funding announced in this cycle of the facility will not only support the eight chosen countries in their pursuit of energy and climate plans but will also further global ambitions to build a sustainable future. This facility is a true reflection of the transformational outcomes that organisations with shared goals can deliver when they come together, and provides a blueprint effective cooperation in the future.”

It is worth pinpointing that since 1971, ADFD managed to finance many development projects in the renewable energy sector worldwide at a value of $1.187 billion (AED 4.4 billion), contributing to the production of more than 2,500 MW of renewable energy in 60 countries.