Published on January 18th, 2016 | by Joshua S Hill0
Four Renewable Energy Projects In Africa And Caribbean Receive $46 Million In Funding
January 18th, 2016 by Joshua S Hill
Four renewable energy projects set to be developed in Africa and the Caribbean have been awarded $46 million in funding.
The International Renewable Energy Agency (IRENA), in partnership with the Abu Dhabi Fund for Development (ADFD), announced on Sunday $46 million in concessional loans for four separate projects — three in Africa, one in the Caribbean — which together will represent nearly 12 MW of new renewable energy capacity in some much needed locations.
“Accelerating the energy transition to renewables requires all countries to take action to develop their own local renewable energy sources,” said IRENA Director-General Adnan Z. Amin. “While renewable energy resources are abundant in many developing countries, adequate finance can still be a barrier to deployment. IRENA and ADFD’s pioneering partnership contributes to overcoming this challenge, by selecting innovative projects for concessional funding.”
The funding will go towards four separate projects to be built in Antigua & Barbuda, Burkina Faso, Cabo Verde, and Senegal.
A 4 MW wind and solar project in Antigua and Barbuda will receive $15 million, which upon completion will provide energy to desalinate water and increase climate resilience in the country, and avoid approximately 8,275 tonnes of CO2 per year. Another $10 million will go towards a 3.6 MW solar PV mini-grid project in Burkina Faso, which will provide modern energy services to more than 12,000 local families for the first time, and avoid 2,500 tonnes of CO2 per year.
Cabo Verde, off northwest coast of Africa, will receive $8 million to build a 2 MW hybrid grid-connected solar PV and wind project, which will provide a 100% renewable energy solution for the Island of Brava, and help avoid 4,665 tonnes of CO2 per year. Finally, Senegal, in Africa, will receive $13 million to build a 2 MW solar PV mini-grid project which will supply electricity to rural villages and avoid 3,200 tonnes of CO2 per year.
“Renewable energy plays a major role in sustainable development and, for many developing countries, is the most economically viable energy source,” said Dr. Thani Al Zeyoudi, UAE Permanent Representative to IRENA and Director of Energy and Climate Change at the UAE Ministry of Foreign Affairs. “The ADFD and IRENA partnership enables developing countries to leverage clean energy innovation and reinforces the UAE’s commitment to advance renewable energy development globally.”
“Increased availability of clean, affordable and reliable energy is an important priority for ADFD to drive sustainable development and positive societal changes across developing countries,” added Mohammed Saif Al Suwaidi, Director General of ADFD. “Our collaboration with IRENA has significantly contributed to narrowing the energy divide that has long hindered development projects in developing countries due to the lack of reliable power infrastructure. Through this collaboration, we have ensured the availability of necessary financial resources to move the sustainable development agenda forward. At ADFD, we are committed to continuing to collaborate with international agencies to spur economic growth, ensure environmental protection and create jobs across the developing world.”