• Monday, July 15, 2024
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IRENA/ ADFD announce $46m loans for renewable energy projects in Africa

renewable-energy

The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) have announced 46 million dollars concessional loans for four renewable energy projects in developing countries.

The information, contained in a statement posted on IRENA website in Abuja on Monday, said the announcement was made at the on-going IRENA sixth Assembly at Abu Dhabi.

The loan will be used to implement selected projects in those countries.

“The loans will fund a wind and solar project in Antigua and Barbuda, a solar project in Burkina Faso, a solar and wind project in Cape Verde and a solar project in Senegal.

“The four projects will result in nearly 12 megawatts of new renewable energy capacity, reduce emissions, create jobs and electrify rural communities without access to modern energy services,’’ it said.

The statement, however, quoted IRENA Director-General, Adnan Amin as saying, “Accelerating the energy transition to renewables requires all countries to take action to develop their own local renewable energy sources.

“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.

“Increased availability of clean, affordable and reliable energy is an important priority for ADFD to drive sustainable development and positive societal changes across developing countries.’’

The statement also quoted Mohammed Saif Suwaidi, the Director- General of ADFD, as saying, “our collaboration with IRENA has contributed to the growth of using renewable energy.

“It has significantly contributed to narrowing the energy divide that has long hindered development projects in developing countries due to the lack of reliable power infrastructure.

“Through this collaboration, we have ensured the availability of necessary financial resources to move the sustainable development agenda forward.

“At ADFD, we are committed to continuing to collaborate with international agencies to spur economic growth, ensure environmental protection and create jobs across the developing world.”

IRENA is mandated as the global hub for renewable energy cooperation and information exchange by 145 members.

ADFD is a Government of Abu Dhabi national institution established in 1971 to assist developing countries by providing concessionary loans to finance development projects in those countries.