Mohammed Saif Al Suwaidi, Director General of ADFD at the announcement of new IRENA/ADFD Project Facility, a seven-year, $350m plan set up in 2013 to give low-cost capital to developing countries for renewable energy projects.
The Abu Dhabi Fund for Development (ADFD), in partnership with the International Renewable Energy Agency (IRENA), has allocated $25m in ADFD concessional loans for two solar photovoltaic projects in Mauritius and Rwanda.
Both projects are part of IRENA/ADFD Project Facility, a seven-year, $350m plan set up in 2013 to give low-cost capital to developing countries for renewable energy projects.
Adnan Z. Amin, director-general of IRENA, said: “For developing countries, renewable energy is a triple win: It offers a cost-effective means of supplying electricity to families, fuels economic growth, and supports energy independence and security. However, many developing countries have trouble accessing funding for renewable energy projects. Our continued partnership with ADFD will provide a stable, low-cost source of financing to help Mauritius and Rwanda achieve a sustainable energy future.”
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, added: “At ADFD, we believe that through the large-scale promotion of renewable energy projects in countries with immense clean energy potential, we can contribute to long-term economic prosperity across the word. We are confident that the latest projects selected for funding in Mauritius and Rwanda will deliver sizeable benefits for the local communities.”
In Mauritius, the installation of solar PV systems on the rooftops of 10,000 households will contribute to the government’s target of a 35 percent contribution of renewables to the national energy mix by 2025.
In Rwanda, 500,000 off-grid solar PV home systems are expected to improve electricity access for 2.5 million people in rural communities and create more than 2,000 local jobs.