$46 Million in Loans Announced for Four Renewable Energy Projects in Africa, Caribbean
The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development recently announced USD 46 million in concessional loans for four renewable energy projects in developing countries. The 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. “Accelerating the energy transition to renewables requires all countries to take action to develop their own local renewable energy sources,” said IRENA Director-General Adnan Z. Amin at a press conference today on the sidelines of IRENA’s sixth Assembly.
“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.” “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,” said Mohammed Saif Al Suwaidi, Director General of ADFD. “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.”