UAE has backed its bid to be the regional leader in renewable energy with the announcement of loans for projects in a number of developing countries. The news coincided with the World Future Energy Summit (WFES) in Abu Dhabi beginning 20 January.
Abu Dhabi-based International Renewable Energy Agency (Irena) and Abu Dhabi Fund for Development (ADFD) announced $41mn of loans for renewable energy projects with a combined capacity of 35MW. Irena says the projects will bring sustainable power to rural communities in countries including Ecuador, Sierra Leone, the Maldives, Mauritania, Samoa and Mali. Irena adds the UAE has committed a total of $350mn in concessional loans through ADFD to support renewables projects in developing countries. This is the first of seven planned loans. Irena Director-General Adnan Amin says: “Irena and ADFD selected projects are bringing power to isolated off-grid populations, in some cases for the first time. Financing is one of the key issues renewable energy is facing, particularly in the developing world. That is why Irena and ADFD teamed up to de-risk investments in promising renewables projects.” (CONTINUED - 268 WORDS)