Abu Dhabi Fund for Development approves solar projects worth $23 million
Post date: 12/01/2019 - 15:00
The Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) announced the selection of renewable energy projects in Guyana, Liberia and Togo for funding by ADFD, as part of the sixth cycle of the IRENA/ADFD project facility. Total investment is about $31 million.
In Guyana, a project will receive a loan of $8 million to install 5.2 MW grid-connected solar PV systems in the hinterland regions to reduce fossil fuel consumption and increase the reliability of electricity supply. In Liberia, the loan of $8 million will contribute to the construction of a 2.1 MW run-of-river hydropower plant on the Gee River. In Togo, a 30 MW grid-connected solar PV plant will be constructed with the investment of a $15 million loan.
Since the first cycle selection of projects in 2014, ADFD funding has been allocated to 24 renewable energy projects across the world, covering up to 50 percent of the total project costs. They will bring more than 157 MW of renewable energy capacity online and create electricity access for over seven million people, significantly improving their livelihoods.