Masdar and The Abu Dhabi Development Fund have extended financial help to another island nation struggling with limited energy resources.
The island nation of Seychelles, located in the Indian Ocean, has signed an agreement with Masdar to develop renewable energy projects. As per the agreement, Masdar will set up wind energy projects in the country which aim to meet about 8% of its electricity demand.
Masdar will be backed financially by the Abu Dhabi Development Fund. The two entities have been working closely to develop renewable energy assets in vulnerable and least developed countries. The Abu Dhabi Development Fund will grant $28 million for the implementation of wind energy projects in Mahe Island.
Seychelles, being an island nation, has limited resources and is heavily dependent on imported fuels. The risk of rising sea level is also an ever-present threat to its existence. Thus, going green not only makes sense for Seychelles, but has become critical to its existence.
The availability of fresh water is a critical factor for island countries, as in its absence, they become dependent on costly desalination technology to source potable water.
Last month, the Abu Dhabi Development Fund signed a loan agreement with the government of Maldives to finance a 4 MW waste-to-energy project in Addu, the country’s second largest city. The project is expected to provide for 18% of the city’s electricity demand while reducing the city’s total waste.
Last year, the International Renewable Energy Agency (IRENA) and the Abu Dhabi Development Fund announced funding for 6 renewable energy and water desalination projects in Asia, South Pacific, Africa, and South America. The projects have a total installed capacity of 35 MW and received loans worth $41 million.
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