ADFD grants US$105m towards renewable energy projects

A general view of Riyadh Saudi Arabia

(The journalist is in Abu Dhabi on an invite from Masdar, the host of Abu Dhabi Sustainability Week).

Speaking on the occasion, Mohammed Saif Al Suwaidi, Director-General of ADFD, said, "In cooperation with IRENA, ADFD is proud to have supported the deployment of renewable energy solutions worldwide over several years".

The Abu Dhabi Fund for Development (ADFD) today confirmed the allocation of approximately United States dollars 105 million for eight renewable energy projects in developing countries in the seventh cycle of the IRENA/ADFD Project Facility.

Peak oil projections have been proven false and consumption is growing according to the International Energy Agency's (IEA) latest projections.

Minister of Infrastructure and Energy Belinda Balluku said on Saturday it held a bilateral meeting with the Director General of International Renewable Energy Agency (IRENA) Francesco La Camera on the framework of the 10th session of IRENA Assembly which took place during the Global Energy Forum organized in Abu Dhabi.

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. Highlighting the benefits of the Blitta solar PV project, he added that the electricity generated will feed into the national grid, and provide power for 700 small- and medium-sized industries and approximately 600,000 households.

Since its inception in 1971, ADFD has funded development projects in 94 countries, including 40 African nations, to the tune of AED92 billion through concessionary loans, government grants, and investments.

Liberia's loan under the project will facilitate the construction of a 2.1 megawatt run-of-river hydropower plant on the Gee River that will benefit some 30,000 rural inhabitants.

Funding is also earmarked for biogas and waste-to-energy projects in the Maldives and Nepal.

- A project to create 20 biogas digesters as demonsrtation units in Nepal, with Dollars 10 million in funding. Much of the needed investment can be met by redirecting planned fossil fuel investment.

In Saint Vincent and the Grenadines, a loan of $10 million will support the installation of a 7 MW solar PV project and benefit around 2,444 households. The Global Energy Forum, organized by Atlantic Council, brings together high-level representatives influencing in policy-making and decision-making and aims to exchange experiences and create new partnerships in the energy field, to develop regional and global strategies and build regulatory framework in the various energy sectors.

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