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ADFD, IRENA approve projects worth USD 31 million

Projects in Guyana, Liberia and Togo will provide energy access and advance sustainable development, say funding bodies

| | Jan 13, 2019 | 11:42 am
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Abu Dhabi, UAE, 13 January 2019: Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) announced the selection of renewable energy projects in Guyana, Liberia and Togo for funding by ADFD, through a Press communiqué. The projects will be funded as part of the sixth cycle of the IRENA/ADFD Project Facility, the communiqué said.

With ADFD committing USD 350 million over seven funding cycles to the IRENA/ADFD Project Facility since 2013, the announcement, during the ninth Session of the IRENA Assembly, brings cumulative funding to date to USD 245 million, the communiqué said. The Facility helps developing countries access low-cost capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development, the communiqué further said.

Adnan Z. Amin, Director-General, IRENA, said: “The projects selected this year will contribute towards meeting national energy access targets and will transform lives for the better. They will take advantage of cost-effective renewable energy to help reduce poverty, enable income-generating activities, and provide electricity to healthcare facilities and educational institutions, which will create jobs, empower women and strengthen local communities.”

H.E. Mohammed Saif Al Suwaidi, Director General, ADFD, said: “We are proud of our result-oriented Facility that has supported replicable, scalable and potentially transformative renewable energy projects set to benefit communities and improve their living conditions. At the ninth Session of the IRENA Assembly, we are pleased to have selected truly impactful projects valued at USD 31 million for the sixth cycle of financing awarded by the Facility. Taking into account this cycle’s recipients, our cumulative expenditure to date is USD 245 million, and we look forward to allocating the remaining USD 105 million to awardees of the seventh cycle.”

In Guyanaa project will receive a loan of USD 8 million to install 5.2 megawatt (MW) grid-connected solar PV systems in the hinterland regions, to reduce fossil fuel consumption and increase the reliability of electricity supply, the communiqué said. An estimated 34,700 people in the target areas will benefit and around 120 direct and indirect jobs are set to be created throughout the project lifecycle, the communiqué further said.

In Liberia, the loan of USD 8 million will contribute to the construction of a 2.1 MW run-of-river hydropower plant on the Gee River, the communiqué said. The project will benefit over 30,000 people through providing a clean, reliable and affordable source of energy to households, schools, health facilities and small businesses, enhancing living conditions and helping to reduce poverty, the communiqué further said.

In Togo, a 30 MW grid-connected solar PV plant will be constructed with the investment of a USD 15 million loan, the communiqué said. The project aims to bring clean, reliable power to around 700,000 households and small businesses and reduce greenhouse gas emissions by 9,242 tonnes per year, the communiqué further said. Local communities will benefit from greater access to drinking water, education and healthcare, as well as job creation that prioritises women, the communiqué added.

Since the first cycle selection of projects in 2014, ADFD funding has been allocated to 24 renewable energy projects across the world, covering up to 50% of the total project costs, the communiqué said. They will bring more than 157 MW of renewable energy capacity online and create electricity access for over seven million people, significantly improving their livelihoods, the communiqué further said. Spanning Asia, Africa, Latin America and Small Island Developing States, the projects encompass a broad spectrum of renewable energy sources – wind, solar, hydro, geothermal and biomass – and technologies, the communiqué added.

The communiqué said funding is available for sustainable development projects that are backed by a government guarantee. The communiqué further said that the seventh cycle is open for summary applications until 17:00 GST, on February 14, 2019.

 


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