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13 January 2020

ADFD allocates $105 million towards renewable energy projects

The facility brings cumulative funding to date to $350 million.

Since 2014, Abu Dhabi Fund for Development has funded 32 renewable energy projects across the world/Bloomberg

by Kudakwashe Muzoriwa

The Abu Dhabi Fund for Development (ADFD) has allocated $105 million to finance eight renewable energy projects in partnership with the International Renewable Energy Agency (IRENA).

The financing facility supports developing countries in securing low-cost capital for renewable energy projects to increase energy access and advance sustainable development.

HE Mohammed Saif Al Suwaidi, the Director-General of ADFD, said, “In its efforts to boost the implementation of the United Nations’ Sustainable Development Goals specifically goals six, seven,11, 12 and 13—ADFD-funded projects over the seven cycles of the facility have led to the widespread adoption of scalable, clean and sustainable energy alternatives in 26 countries.”

ADFD stated that since 2014 it has funded 32 renewable energy projects across the world, and they will bring 200 MW of renewable energy capacity online.

The IRENA/ADFD project facility will provide funding for eight projects in Antigua and Barbuda, Burkina Faso, Chad, Cuba as well as the Maldives, Nepal, Saint Lucia and Saint Vincent and the Grenadines.

Since its inception, ADFD has financed hundreds of development projects in the renewable energy sector around the world worth AED4.4 billion ($1.187 billion). 

RELATED STORIES: Abu Dhabi Fund for Development International Renewable Energy Agency Sustainable Development Goals





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