Abu Dhabi Development Fund ADFD has allocated about $105 million to finance “green” projects in developing countries, Ecotown reports.
ADFD provides low-cost capital to expand access to energy, and implements eight projects in Antigua and Barbuda, Burkina Faso, Chad, Cuba, Maldives, Nepal, Saint Lucia and Saint Vincent and the Grenadines. The Fund implements projects in conjunction with the International Renewable Energy Agency IRENA.
Antigua and Barbuda will invest $15 million in the construction of an 8 MW solar-wind power plant. The project is expected to provide energy to 5500 households and significantly reduce the import of fossil fuels.
Burkina Faso will invest ADFD’s loan of $5.5 million in the construction of a 3 MW solar power plant.
In Chad, 6 MW solar power plant will be built for $15 million of loan, which will provide energy requirements for more than 215,000 people.
8.5 MW solar power station and 2 MW energy storage systems will be built in Cuba. Investments will amount to $20 million.
ADFD will provide a loan of $14 million to the Maldives for the construction of a 1.5 MW waste processing plant in the city of Addu. The project will reduce the dependence of the islands on imported fuel.
20 biogas reactors will be built in Nepal, investing $10 million.
In St. Lucia, ADFD’s loan of $15 million will be invested in the construction of a 10 MW solar power plant and an energy storage system. The project aims to reduce diesel consumption.
Saint Vincent and the Grenadines will invest $10 million in the construction of a 7 MW solar power plant.
“Providing capital to support the introduction of renewable energy is the key to low-carbon sustainable economic development and plays a central role in achieving positive social outcomes”, says IRENA CEO Francesco La Camera. “Due to generous funding, the eight selected countries will not only be able to implement energy and climate plans, but also contribute to global ambitions to build a sustainable future”.
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