Renewable projects in Africa and Caribbean win $46m funding

Four renewable energy projects in developing countries have secured vital funding loans totalling $46m.

The money comes from the International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD), and was announced on the eve of the launch of Abu Dhabi Sustainability Week.

The loans will finance a wind and solar project in Antigua and Barbuda, a solar scheme in Burkina Faso, solar and wind plants in Cabo Verde and a solar site in Senegal, and together the quartet of projects will result in nearly 12 MW of new renewable capacity.

The funding comes via the IRENA/ADFD Project Facility, which is now in its third cycle and so far has allocated $144m in financing.

At a press conference in Abu Dhabi on Sunday, IRENA director-general Adnan Amin (pictured) stressed the need for renewable energy financing.

He said that the agreements reached at COP21 in Paris last month “will only be met if we are able to mobilize significant financial resources”.

“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.”

Dr Thani Al Zeyoudi, the United Arab Emirates’ Permanent Representative to IRENA and Director of Energy and Climate Change at the UAE Ministry of Foreign Affairs, said:  “Renewable energy plays a major role in sustainable development and, for many developing countries, is the most economically viable energy source.”

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...