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Green projects receive $46m at energy summit

Masdar City displays a scale model of a renewable energy project at the World Future Energy Summit.

Abu Dhabi - The Irena and ADFD have collaborated to offer concessional loans worth $350 million over seven annual funding cycles to promising renewable energy projects.

Silvia Radan

Published: Mon 18 Jan 2016, 11:00 PM

Last updated: Tue 19 Jan 2016, 10:06 AM

Four renewable energy projects in four developing countries were rewarded $46 million by the International Renewable Energy Agency (Irena) and the Abu Dhabi Fund for Development (ADFD) on Sunday.
The loans will fund a wind and solar project in Antigua and Barbuda, a solar project in Burkina Faso, a solar and wind project in Cabo Verde and a solar project in Senegal. The four projects will result in nearly 12 megawatts of new renewable energy capacity, reduce emissions, create jobs and electrify rural communities without access to modern energy services.
"The Irena and ADFD have collaborated to offer concessional loans worth $350 million over seven annual funding cycles to promising renewable energy projects in developing countries," said Adnan Amin, director general of Irena.
The fund, known as Project Facility, has now reached its third cycle. For 2015, over 70 applications were submitted and reviewed based on technical merit, economic viability but also on sustainability and replicability - they have to be easily "copied" in other locations lacking water and electricity. The four winning projects include, for the first time, water desalination facilities. The first is in Antigua and Barbuda, which received $15 million, where a four megawatt wind and solar project will be created to provide energy to desalinate water and increase climate resilience. The project will avoid 8,275 tonnes of carbon emissions per year.
In Burkina Faso, 12,000 local families will be able to have a six megawatt solar PV mini-grid plant that will provide clean energy services. The project was awarded $10 million and it will save 2,500 tonnes of carbon dioxide per year.
- silvia@khaleejtimes.com