Friday, 26 February, 2021


Liberia gets $8m Abu Dhabi, IRENA loan to finance energy project

Source IRENA Source IRENA
Kristine Garrett | 16 January, 2020, 18:28

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

Electricity from renewable sources, mainly solar and wind, will supply 57 per cent of global power by the end of the current decade, up from just 26 percent now, IRENA said.

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.

The 10th Assembly of the International Renewable Energy Agency (IRENA) got underway this morning, bringing together decision makers from 150 countries. During this annual event, of particular importance for advancing the spread of renewable energy on all continents, Albania was represented by a delegation of the ministry, chaired by Minister Belinda Balluku.

Speaking about the alternative energy projects, Mohammed Al Suwaidi said, "ADFD is delighted to support the Governments of Togo, Niger and Liberia in achieving their national priorities and to advance clean energy alternatives that align with the United Nations' Sustainable Development Goals".

Renewables can become a vital tool in closing the energy access gap, a key sustainable development goal. The project is expected to benefit 5,500 households and allows for large reductions in the import of fossil fuels.

- An 8-MW solar and wind park in Antigua and Barbuda, with Dollars 15 million in funding. The project is expected to benefit more than 215,000 people in six cities.

- An 1.5-MW waste-to-energy plant in Addu, the Maldives, with Dollars 14 million in funding.

The ADFD loan of US$15 million will contribute to the construction of a 6 MW solar power plant.

In Nepal, a project will receive an ADFD loan of $10 million to support a total of 20 biogas digesters which will serve as demonstration units to 270 municipalities. Through cooperation with partners on the Climate Investment Platform CIP we have started working towards unlocking the much-needed financial resources for clean energy transition particularly in developing countries.

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.

Since its inception in 1971, ADFD has financed hundreds of development projects in the renewable energy sector around the world worth US$1.187 billion (AED4.4 billion).

"It has worked on several initiatives related to developing specifications that are compatible with the needs of countries with a similar climate to enable the expansion of renewable energy sources there", he explained.

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