UAE launches $50m Caribbean renewables fund

The United Arab Emirates has unveiled a $50m fund for renewable energy projects in Caribbean island countries. 

The package marks one of the largest-ever single investments in the Caribbean’s clean energy sector and was announced yesterday at Abu Dhabi Sustainability Week.

The grant funding is being provided by the Abu Dhabi Fund for Development (ADFD), is managed by the UAE Ministry of Foreign Affairs and will be implemented by clean energy company Masdar.

ADFD director general Mohammed Saif Al Suwaidi said in the Caribbean island countries, “securing a stable and efficient supply of energy is a pivotal policy of each nation’s growth strategy.” He said the fundings would help the Caribbean “unlock their underutilised wind and solar potential to drive energy security, job creation and socio-economic development”.

Masdar chief executive Mohamed Al Ramahi said that renewable energy “is an extremely competitive option for communities in the Caribbean, where there is tremendous natural potential a number of technologies”.

“Caribbean islands typically face high costs for power generation, so unlocking this potential offers opportunities for both savings and growth, providing a powerful catalyst for sustainable social and economic development.”

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

Whitepapers

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 ...