New $105m funding approved for renewable energy projects across eight nations

16 Janvier, 2020, 18:26 | Auteur: Therese Cote
  • A general view of Riyadh Saudi Arabia

Their programme supports developing nations in securing low cost capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development.

"We come together with our partners to harness our strengths and put them to work to deliver investments".

Abu Dhabi Fund for Development, ADFD, the leading national entity for economic development aid, today formalised three loan agreements valued at US$33 million (AED121 million) with the Governments of Togo, Niger and Liberia.

- An 8-MW solar and wind park in Antigua and Barbuda, with United States dollars 15 million in funding.

IRENA director general Francesco La Camera said that as the lead intergovernmental agency for the energy transformation, IRENA and its assembly, would endeavour to set in motion a decade of rapid energy sector development to ensure that renewables supported a new age of universal energy access, sustainable economic growth and climate action.

In Antigua and Barbuda, an 8 MW hybrid power plant (solar and wind) will receive an ADFD investment of $15 million. Highlighting the benefits of the Blitta solar PV project, he added that the electricity generated will feed into the national grid, and provide power for 700 small- and medium-sized industries and approximately 600,000 households.

In Burkina Faso, $5.5 million will contribute to the construction of a 3 MW solar PV power plant in the country. About 40,000 people in rural areas will get clean power thanks to the project.

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To achieve that, yearly renewable energy investment will have to double from about $330-billion to close to $750-billion. "Balancing the energy produced from hydro sources with the energy produced by solar and wind is the main goal of diversifying renewable resources in our country", Minister Balluku during the meeting.

Funding is also earmarked for biogas and waste-to-energy projects in the Maldives and Nepal.

"There is tremendous liquidity available", La Camera said, adding that investment can be met by redirecting planned fossil fuel investment.

In Saint Vincent and the Grenadines, a loan of $10 million will support the installation of a 7 MW solar PV project and benefit around 2,444 households.

The United Arab Emirates (UAE) has made a decision to provide Nepal with US$ 10 million (approximately Rs 1.13 billion) subsidized loan for the generation of electricity from urban waste.

"It has worked on several initiatives related to developing specifications that are compatible with the needs of countries with a similar climate to enable the expansion of renewable energy sources there", he explained.

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