According to the International Renewable Energy Agency and the Abu Dhabi Fund for Development, the financed projects have a combined total capacity of 35 MW. More importantly, the funding aims to bring reliable and sustainable power to rural communities that are currently lacking access to modern energy services.
“IRENA and ADFD selected projects bring power to isolated off-grid populations, in some cases for the first time," said Adnan Z. Amin, IRENA’s director-general. "This will stimulate local economic development and raise living standards."
The loans go to a geographically diverse set of countries, including the Republic of Ecuador, Sierra Leone, the Maldives, Mauritania, Samoa, and Mali. IRENA is assessing the socio-economic impact and technical merit of the projects, and ADFD is making its selection based on the Agency’s recommendation. Projects selected need to be transformative, innovative and replicable.
The UAE government has committed a total of $350 million in concessional loans through ADFD to support the deployment and sustainable use of all forms of renewable energy in developing countries.