UAE provides US$46 million in loans for renewable energy projects in Africa and The Caribbean

ABU DHABI, 18th January, 2016 (WAM) --The Abu Dhabi Fund for Development, ADFD, yesterday announced US$46 million in concessional loans for four renewable energy projects in developing countries, in collaboration with the International Renewable Energy Agency, IRENA. The loans are the 3rd cycle of funds ADFD provided to bolster sustainable energy projects in the developing world. Speaking at a press conference on the sidelines of the activities of the assembly of the sixth session of the International Renewable Energy Agency, IRENA, Thani Al Zeyoudi, Director of Energy and Climate Change at the Ministry of Foreign Affairs, MoFA, congratulated award recipients and reiterated the UAE’s determination and commitment to continuing its support for efforts both locally and international towards a more sustainable energy future. "The UAE is extremely proud to support these projects that will help foster sustainable energy transition locally and globally. In addition to these projects, the UAE has committed over US$340 million for sustainable efforts in developing countries. I am very proud to see that we play an integral part in boosting international development strategies," he said. The IRENA and ADFD loans will fund a wind and solar project in Antigua and Barbuda, a solar project in Burkina Faso, a solar and wind project in Cabo Verde and a solar project in Senegal. The four projects will result in nearly 12 megawatts of new renewable energy capacity, reduce emissions, create jobs, and electrify rural communities without access to modern energy services. Also commenting on the occasion, IRENA Director-General Adnan Z. Amin who said that accelerating the energy transition to renewables requires all countries to take action to develop their own local renewable energy sources. "While renewable energy resources are abundant in many developing countries, adequate finance can still be a barrier to deployment. IRENA and ADFD’s pioneering partnership contributes to overcoming this challenge, by selecting innovative projects for concessional funding," he said. Mohammed Saif Al Suwaidi, Director-General of ADFD, said that increased availability of clean, affordable and reliable energy is an important priority for ADFD to drive sustainable development and positive societal changes across developing countries. "Our collaboration with IRENA has significantly contributed to narrowing the energy divide that has long hindered development projects in developing countries due to the lack of reliable power infrastructure. Through this collaboration, we have ensured the availability of necessary financial resources to move the sustainable development agenda forward. At ADFD, we are committed to continuing to collaborate with international agencies to spur economic growth, ensure environmental protection and create jobs across the developing world," he said. Applications for the 4th cycle will be accepted until February, 2016. – Emirates News Agency, WAM - http://www.wam.ae/en/news/emirates/1395290401111.html