The Abu Dhabi Fund for Development (ADFD) has committed $46 million in loans for renewable energy projects in developing countries, including a wind and solar project in Antigua and Barbuda. The fund is a collaboration with the International Renewable Energy Agency (IRENA) and the loans are the 3rd cycle of funds ADFD provided to bolster sustainable energy projects in the developing world.
Thani Al Zeyoudi, Director of Energy and Climate Change at the Ministry of Foreign Affairs (MoFA) congratulated award recipients and reiterated the UAE’s determination and commitment to continuing its support for efforts, both locally and internationally, towards a more sustainable energy future. The awarded projects are expected to result in almost 12 MW of renewable energy that will reduce emissions, create jobs, and electrify rural communities.
IRENA Director-General Adnan Z. Amin commented on the transition from fossil fuels, saying: “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.” Applications for the 4th cycle will be accepted until February.
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