ADFD grants US$105m towards renewable energy projects around the world

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

By 2030, 57% of global power demand should be met by renewables: IRENA

"It is this kind of action that we expect will make a difference", said EBRD Managing Director for Sustainable Infrastructure Nandita Parshad, who signed the deal for the regional development bank during the 10th IRENA Assembly in Masdar City, Abu Dhabi.

13 de enero de 2020, 14:53Abu Dhabi, Jan 13 (Prensa Latina) Electricity generation from renewable sources could reach 57% of total global energy by the end of this decade, compared to the current 26%, a specialized source forecast.

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.

An ADFD loan of US$10 million will support the installation of a 7 MW solar PV project.

The EBRD is a pioneer in financing projects promoting renewable energy and combatting climate change, and has become the largest renewable energy investor in its regions of Central and Eastern Europe, Central Asia and the Southern and Eastern Mediterranean.

The fund will mainly be used for developing solar, wind, waste-to-energy and biogas projects in Nepal, Burkina Faso, Chad, Cuba, Antigua and Barbuda, the Maldives, St Lucia, and St Vincent and the Grenadines.

The share of renewables in global power should more than double by 2030 to advance the global energy transformation, achieve sustainable development goals and create a pathway to climate safety, the International Renewable Energy Agency (Irena) says.

Their programme supports developing nations in securing low cost capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development. The project is expected to benefit 5,500 households and allows for large reductions in the import of fossil fuels.

In Saint Lucia , the 10 MW Troumassee solar power station, battery storage and setting up solar energy systems in the country, will receive a loan of $15 million.

Liberia's loan under the project will facilitate the construction of a 2.1 megawatt run-of-river hydropower plant on the Gee River that will benefit some 30,000 rural inhabitants.

Mohammed Saif Al Suwaidi, director-general of ADFD, said, "The fund has enhanced long-term growth prospects and yielded socio-economic benefits for millions of lives in line with the national objectives of the beneficiary countries".

Since its inception in 1971, ADFD has financed hundreds of development projects in the renewable energy sector around the world worth US$1.187 billion (AED4.4 billion).

"Renewables are most competitive way to produce energy".

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