ADFD grants US$105m towards renewable energy projects

Eloise Marshall
January 16, 2020

The Kingdom is working in accordance with its Vision 2030 and its National Transformation Program 2020 to build a sustainable renewable energy sector that includes industries and services, localization of technologies and qualification of human cadres, said President of KACARE Dr. Khalid bin Salih al-Sultan. A report published yesterday by IRENA found that jobs in renewables could reach 40 million by 2050 under a climate-safe energy scenario. IRENA director-general Francesco La Camera said, "We must urgently address the need for stronger enabling policies and a significant increase in investment over the next ten years". Transitioning to clean energy systems is at the heart of these global agendas. Spanning Asia, Africa, Latin America and Small Island Developing States, the projects encompass a broad spectrum of renewable energy sources - wind, solar, hydro, geothermal and biomass - and technologies.

He continued: "We have renewable energy at our disposal today to make the future more predictable, more prosperous, more inclusive, and more secure".

He concluded: "United behind IRENA's mission, we are setting the stage for success". The 161-member IRENA's mission is to support the energy transition to renewables through knowledge and innovation, providing a global voice for renewables, a network hub and a source of advice for countries. "Renewables hold the key to sustainable development and should be central to energy and economic planning all over the world".

"EBRD and IRENA share a common objective to promote the use of renewable energy".

The Abu Dhabi Fund for Development (ADFD) on Sunday announced about Dollars 105 million (EUR 94m) in funding for eight renewable energy projects in developing countries under the International Renewable Energy Agency (IRENA)/ADFD project facility.

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Projects include the installation of 20 biogas digesters which will convert organic waste into energy in Nepal, an 8MW solar and wind hybrid power plant in Antigua and Barbuda, a 6MW solar plant in Chad and a battery storage unit and 10MW solar power plant in Saint Lucia.

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.

The Abu Dhabi Fund for Development (ADFD) and International Renewable Energy Agency (IRENA) have given Liberia a loan of US$8 million to implement a solar renewable energy project in southeastern River Gee County.Togo and the South American nation of Guyana are two other beneficiaries of the ADFD/IRENA loan scheme in the area of renewable energy.

The Facility supports developing countries in securing low-priced capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development on the ground.

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