The Abu Dhabi Fund for Development (ADFD) has confirmed that it has completed five cleantech projects worth $ 31.94 million in five partner economies. The partner economies include the Grenadines, Saint Vincent, Cuba, the Bahamas and Barbados.
It is reported that the projects have paved the path for the partner economies to reduce their carbon footprint by adding an additional 14.38MW into the energy mix. Furthermore, the fund floated capital worth DH 384 million to eight cleantech energy initiatives. The funding was carried out with the International Renewable Energy Agency (IRENA).
The fund also secured loan agreements worth DH 121 million with African economies such as Liberia, Togo and Niger. Furthermore, ADFD has provided funding to a waste-to-energy project in the Maldives.
Mohammed Saif Al Suwaidi, Director General of ADFD, told the media “The aim was to help the partner countries maintain their economic and social-development trajectories by enabling them to meet developmental challenges during the pandemic. Renewable projects remain high on our agenda as their impact is felt on multiple levels, from commerce to the environment. Moreover, the turbulence in 2020 forced us to focus on what really matters, while it made all of us realise the value of partnership and cooperation.”
ADFD has completed a 7-megawatt solar power project in Somaliland in 2020, while it has also established a 10-megawatt solar photovoltaic plant in Cuba, followed by an DH 11 million solar project in the Bahamas. The fund also completed a Solar PV project in Barbados last year.