Abu Dhabi grants US$105m to global renewable energy projects

Source IRENA

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.

Renewable electricity should supply 57 per cent of global power by the end of the decade, up from 26 per cent today and annual renewable energy investment needs to double from around $330 billion today, to close to $750 billion to deploy renewable energy at the speed required, states the agency in a new booklet "10 Years: Progress to Action".

In 2013, ADFD committed US$350 million (AED1.28 billion) to the IRENA/ADFD Project Facility over seven funding cycles to support renewable energy projects in IRENA-member developing countries. It was in September 2019 that Irena, in partnership with the UN Development Programme and Sustainable Energy for All and in cooperation with the Green Climate Fund, launched the Climate Investment Platform. He noted renewables should be central to energy and economic planning.

The partners agreed both to cooperate more closing on developing and delivering technical assistance to support the continued growth of renewable energy, and to develop a pipeline of bankable renewable energy projects that can be financed by the EBRD as well as other financing partners.

Minister of Infrastructure and Energy Belinda Balluku said on Saturday it held a bilateral meeting with the Director General of International Renewable Energy Agency (IRENA) Francesco La Camera on the framework of the 10th session of IRENA Assembly which took place during the Global Energy Forum organized in Abu Dhabi.

An 8 MW hybrid power plant (solar and wind) will receive an ADFD investment of US$15 million. The project is expected to benefit 5,500 households and allows for large reductions in the import of fossil fuels. About 40,000 people in rural areas will get clean power thanks to the project.

The ADFD loan of US$15 million will contribute to the construction of a 6 MW solar power plant.

The King Abdullah City for Atomic and Renewable Energy (KACARE) revealed on Saturday a plan to increase local content in the renewable energy industry chains in Saudi Arabia.

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.

Since the first cycle selection of projects in 2014, ADFD has successfully funded 32 renewable energy projects across the world, covering up to 50 percent of the total project costs.

The report - called Advancing America's Climate Leadership: Policy Options That Most Effectively Put Renewable Energy to Work - not only outlines the most effective policy options, it also details the specific advantages and limitations of each.



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