Renewable energy agency calls for doubling of investments

Pablo Tucker
January 16, 2020

The Abu Dhabi Fund for Development (ADFD) on Sunday announced providing United States dollars 10 million assistance to Nepal to for generating electricity from the waste.

"They will take advantage of cost-effective renewable energy to help reduce poverty, enable income-generating activities, and provide electricity to healthcare facilities and educational institutions, which will create jobs, empower women, and strengthen local communities", said Amin.

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. Different nations with technical assistance from IRENA competed to get the fund. "Therefore, the provision of capital to support the adoption of renewable energy is key to low-carbon sustainable economic development and plays a central role in bringing about positive social outcomes".

"With this MOU we formalise our already strong partnership leveraging our respective strengths to attract investments and accelerate the much needed energy transformation in our countries of operation", said EBRD Managing Director for Sustainable Infrastructure Nandita Parshad, who signed the MoU for the regional development bank during the 10th IRENA Assembly in Masdar City, Abu Dhabi.

The ADFD granted US$15 million to an 8MW solar-plus-wind power plant in Antigua and Barbuda; US$20 million to install 8.5MW of solar PV backed by 2MW of energy storage in Cuba; US$10 million to a 7MW solar project in Saint Vincent and the Grenadines; and US$15 million to a 10MW power station in Saint Lucia, as well as other battery storage and solar system projects.

An estimated 764,700 people are expected to benefit from the ADFD/IRENA project across the three countries of which Togo amounts for 700, 000 people, Guyana 34,700 and Liberia 30,000. US$10 million (AED37 million) has been allocated for the 2.1 MW solar rural electrification project that will benefit 100 villages in Niger.

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

"There is tremendous liquidity available", La Camera said, adding that investment can be met by redirecting planned fossil fuel investment.

A 6MW solar plant in Chad will benefit from US$15 million in funding and a 3MW solar plant in Burkina Faso will receive US$5.5 million.

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.

"Renewables are most competitive way to produce energy".

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