{"id":17246,"date":"2020-01-12T07:00:10","date_gmt":"2020-01-12T07:00:10","guid":{"rendered":"https:\/\/www.revoscience.com\/en\/?p=17246"},"modified":"2020-06-09T12:12:32","modified_gmt":"2020-06-09T12:12:32","slug":"adfd-approves-financing-of-renewable-energy-projects-valued-usd-105-million","status":"publish","type":"post","link":"https:\/\/www.revoscience.com\/en\/adfd-approves-financing-of-renewable-energy-projects-valued-usd-105-million\/","title":{"rendered":"ADFD approves financing of renewable energy projects valued USD 105 Million"},"content":{"rendered":"\n
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Eight projects selected for funding in the seventh cycle of the IRENA\/ADFD Project Facility<\/strong><\/em><\/p>\n\n\n\n

Abu Dhabi-UAE\u00a0<\/strong>\u00a0\u2013 Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, today confirmed the allocation of approximately US$105 million for eight renewable energy projects under the seventh cycle of its partnership with the International Renewable Energy Agency (IRENA).<\/p>\n\n\n\n

The\nIRENA\/ADFD Project Facility announcement marks a record level of funding for\nany cycle since the Facility was launched and will provide funding for eight\nprojects in\u00a0Antigua and Barbuda, Burkina Faso, Chad, Cuba, the\nMaldives, Nepal, Saint Lucia and Saint Vincent and the Grenadines<\/strong>. The\nannouncement made during the 10th<\/sup>\u00a0IRENA Assembly brings\ncumulative funding to date to US$350 million, in line with the commitment made by ADFD across\nseven funding cycles to IRENA recommended projects.<\/p>\n\n\n\n

The\nFacility supports developing countries in securing low-cost capital for\nrenewable energy projects to increase energy access, improve livelihoods and\nadvance sustainable development on the ground.<\/p>\n\n\n\n

Speaking on\nthe occasion, His Excellency Mohammed Saif Al Suwaidi, Director General of\nADFD, said: \u201cIn cooperation with IRENA, ADFD is proud to have supported the\ndeployment of renewable energy solutions worldwide over several years. In its\nefforts to boost the implementation of the United Nations\u2019 Sustainable\nDevelopment Goals (SDGs), specifically Goals 6,7,11, 12 and 13 \u2013 ADFD-funded\nprojects over the seven cycles of the Facility have led to the widespread\nadoption of scalable, clean, and sustainable energy alternatives in\u00a026\u00a0countries.\u201d<\/p>\n\n\n\n

He added:\n\u201cToday\u2019s announcement re-affirms the UAE\u2019s and ADFD\u2019s leading efforts to combat\nthe effects of climate change by stimulating robust development across the\nglobal renewable energy sector. The Fund\u2019s commitment to this priority has\nenhanced long-term growth prospects and yielded socio-economic benefits for\nmillions of lives in line with the national objectives of the beneficiary\ncountries.\u201d<\/p>\n\n\n\n

Francesco\nLa Camera, Director-General of IRENA, said: \u201cOvercoming investment needs for\nenergy transformation infrastructure is one of the most notable barriers to the\nachievement of national goals. Therefore, the provision of capital to support\nthe adoption of renewable energy is key to low-carbon sustainable economic\ndevelopment and plays a central role in bringing about positive social\noutcomes.\u201d<\/p>\n\n\n\n

He added:\n\u201cThe record levels of funding announced in this cycle of the facility will not\nonly support the eight chosen countries in their pursuit of energy and climate\nplans but will also further global ambitions to build a sustainable future.\nThis facility is a true reflection of the transformational outcomes that\norganisations with shared goals can deliver when they come together, and\nprovides a blueprint effective cooperation in the future.\u201d<\/p>\n\n\n\n

In\u00a0Antigua\nand Barbuda<\/strong>, an 8 MW hybrid power plant (solar and wind) will receive\nan ADFD investment of\u00a0US$15 million<\/strong>. The project is expected\nto benefit 5,500 households and\u00a0allows for large\nreductions in the import of fossil fuels.<\/p>\n\n\n\n

In\u00a0Burkina\nFaso<\/strong>, an ADFD loan of\u00a0US$5.5 million<\/strong>\u00a0will\ncontribute to the construction of a 3 MW solar PV power plant in the country.\nThe project is expected to extend electricity to approximately 40,000 people in\nrural areas.<\/p>\n\n\n\n

In\u00a0Chad<\/strong>,\nthe ADFD loan of\u00a0US$15 million<\/strong>\u00a0will contribute to\nthe construction of a six MW solar power plant. The project is expected to\nbenefit more than 215,000 people in six cities.<\/p>\n\n\n\n

In\u00a0Cuba<\/strong>,\na project will receive an ADFD loan of\u00a0US$20 million<\/strong>\u00a0to\ninstall 8.5 MW of solar PV capacity, supported with 2 MW of energy storage, in\nIsla de la Juventud. The project will benefit 32,300 people, aims to support\nthe energy sector, decrease fossil fuel consumption, reduce the level of carbon\nemissions and secure energy consumption from renewable and sustainable sources.<\/p>\n\n\n\n

In\nthe\u00a0Maldives<\/strong>, a waste-to-energy plant project in the city\nof Addu will receive an ADFD loan\u00a0of US$14 million.<\/strong>\u00a0The\n1.5 MW renewable energy project will utilise waste in generating electricity\nand reduce dependence on imported fuel benefitting 35,000 people.<\/p>\n\n\n\n

In\u00a0Nepal<\/strong>,\na project will receive an ADFD loan of\u00a0US$10 million<\/strong>\u00a0to\nsupport a total of 20 biogas digesters which will serve as demonstration units\nto 270 municipalities. The digesters will convert organic waste into useful\nenergy and offset the use of fossil fuels by replacing it with renewable\nnatural gas.<\/p>\n\n\n\n

In\u00a0Saint\nLucia<\/strong>, the 10 MW\u00a0Troumassee solar power\nstation, battery storage and setting up solar energy systems in the country,\nwill receive an ADFD loan of\u00a0US$15 million<\/strong>. The venture\nwill support the whole population, economic development, advance the\nimplementation of Saint Lucia’s national energy policy and reduce diesel fuel\nconsumption.<\/p>\n\n\n\n

In\u00a0Saint\nVincent and the Grenadines<\/strong>, an ADFD loan of\u00a0US$10 million<\/strong>\u00a0will\nsupport the installation of a 7 MW solar PV project and benefit 2,444\nhouseholds. The renewable energy venture aims to reduce carbon emissions,\nfossil fuel consumption and operating costs.<\/p>\n\n\n\n

Since the first cycle selection of projects in\n2014, ADFD has successfully funded\u00a032\u00a0renewable energy projects across the world, covering up\nto 50 per cent of the total project costs. They will bring 200 MW of renewable\nenergy capacity online and empower over seven million people with access to\nelectricity, significantly improving their livelihoods. Spanning Asia, Africa,\nLatin America and Small Island Developing States, the projects encompass a\nbroad spectrum of renewable energy sources \u2013 wind, solar, hydro, geothermal and\nbiomass \u2013 and technologies.<\/p>\n\n\n\n

Since its inception in 1971, ADFD has financed\nhundreds of development projects in the renewable energy sector around the\nworld worth US$1.187 billion (AED4.4 billion). Driving the objectives of the\nUnited Nations\u2019 SDGs, these projects have contributed to the production of more\nthan 2,500 MW of renewable energy in 60 countries.<\/p>\n
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Eight projects selected for funding in the seventh cycle of the IRENA\/ADFD Project Facility Abu Dhabi-UAE\u00a0\u00a0\u2013 Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, today confirmed the allocation of approximately US$105 million for eight renewable energy projects under the seventh cycle of its partnership with the International Renewable Energy […]<\/p>\n","protected":false},"author":2,"featured_media":17247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,22],"tags":[],"class_list":["post-17246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-culture","category-other"],"featured_image_urls":{"full":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release.jpg",1280,853,false],"thumbnail":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release-200x200.jpg",200,200,true],"medium":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release-300x200.jpg",300,200,true],"medium_large":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release-768x512.jpg",750,500,true],"large":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release-1024x682.jpg",750,500,true],"1536x1536":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release.jpg",1280,853,false],"2048x2048":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release.jpg",1280,853,false],"ultp_layout_landscape_large":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release.jpg",1200,800,false],"ultp_layout_landscape":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release.jpg",855,570,false],"ultp_layout_portrait":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release.jpg",600,400,false],"ultp_layout_square":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release.jpg",600,400,false],"newspaper-x-single-post":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release-760x490.jpg",760,490,true],"newspaper-x-recent-post-big":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release-550x360.jpg",550,360,true],"newspaper-x-recent-post-list-image":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release-95x65.jpg",95,65,true],"web-stories-poster-portrait":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release.jpg",640,427,false],"web-stories-publisher-logo":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release.jpg",96,64,false],"web-stories-thumbnail":["https:\/\/www.revoscience.com\/en\/wp-content\/uploads\/2020\/01\/ireana-release.jpg",150,100,false]},"author_info":{"info":["RevoScience"]},"category_info":"Culture<\/a> Other<\/a>","tag_info":"Other","comment_count":"0","_links":{"self":[{"href":"https:\/\/www.revoscience.com\/en\/wp-json\/wp\/v2\/posts\/17246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.revoscience.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.revoscience.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.revoscience.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.revoscience.com\/en\/wp-json\/wp\/v2\/comments?post=17246"}],"version-history":[{"count":0,"href":"https:\/\/www.revoscience.com\/en\/wp-json\/wp\/v2\/posts\/17246\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.revoscience.com\/en\/wp-json\/wp\/v2\/media\/17247"}],"wp:attachment":[{"href":"https:\/\/www.revoscience.com\/en\/wp-json\/wp\/v2\/media?parent=17246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.revoscience.com\/en\/wp-json\/wp\/v2\/categories?post=17246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.revoscience.com\/en\/wp-json\/wp\/v2\/tags?post=17246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}