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ADFD approves financing of renewable energy projects

Published: 13 January 2020 - Carly Wills

Abu Dhabi Fund for Development (ADFD) has confirmed the allocation of approximately US$105m for eight renewable energy projects under the seventh cycle of its partnership with the International Renewable Energy Agency (IRENA). 

The IRENA/ADFD Project Facility announcement marks a record level of funding for any cycle since the Facility was launched and will provide funding for eight projects in Antigua and Barbuda, Burkina Faso, Chad, Cuba, the Maldives, Nepal, Saint Lucia and Saint Vincent and the Grenadines. The announcement, made during the 10th IRENA Assembly, brings cumulative funding to date to US$350m, in line with the commitment made by ADFD across seven funding cycles to IRENA recommended projects. 

In Antigua and Barbuda, an 8MW hybrid power plant (solar and wind) will receive an ADFD investment of US$15m. The project is expected to benefit 5,500 households and allows for large reductions in the import of fossil fuels. 

In Burkina Faso, an ADFD loan of US$5.5m will contribute to the construction of a 3MW solar PV power plant in the country. The project is expected to extend electricity to approximately 40,000 people in rural areas. 

In Chad, the ADFD loan of US$15m will contribute to the construction of a 6MW solar power plant. The project is expected to benefit more than 215,000 people in six cities.

In Cuba, a project will receive an ADFD loan of US$20m to install 8.5MW of solar PV capacity, supported with 2MW of energy storage, in Isla de la Juventud. The project will benefit 32,300 people, aims to support the energy sector, decrease fossil fuel consumption, reduce the level of carbon emissions and secure energy consumption from renewable and sustainable sources.

In the Maldives, a waste-to-energy plant project in the city of Addu will receive an ADFD loan of US$14m. The 1.5MW renewable energy project will utilise waste in generating electricity and reduce dependence on imported fuel benefitting 35,000 people.

In Nepal, a project will receive an ADFD loan of US$10m to support a total of 20 biogas digesters which will serve as demonstration units to 270 municipalities. The digesters will convert organic waste into useful energy and offset the use of fossil fuels by replacing it with renewable natural gas. 

In Saint Lucia, the 10MW Troumassee solar power station, battery storage and setting up solar energy systems in the country, will receive an ADFD loan of US$15m. The venture will support the whole population, economic development, advance the implementation of Saint Lucia's national energy policy and reduce diesel fuel consumption.

In Saint Vincent and the Grenadines, an ADFD loan of US$10m will support the installation of a 7MW solar PV project and benefit 2,444 households. The renewable energy venture aims to reduce carbon emissions, fossil fuel consumption and operating costs.

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