The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) will provide $46 million in funding to support renewable energy projects in both Africa and the Caribbean.
“While renewable energy resources are abundant in many developing countries, adequate finance can still be a barrier to deployment," IRENA Director-General Adnan Amin said. "IRENA and ADFD’s pioneering partnership contributes to overcoming this challenge, by selecting innovative projects for concessional funding.”
The concessional loans will be divided among four projects expected to reduce emissions, improve energy access and create jobs.
The funds will be used for a 3.6 megawatt solar project in Burkina Faso that will equip more than 12,000 local families with modern energy services, a 2 megawatt solar project in Senegal that will provide rural villages with electricity, a 2 megawatt solar and wind project in Cabo Verde that will give the Island of Brava access to a fully renewable energy solution and a 4 megawatt wind and solar project in Antigua and Barbuda that will provide energy to desalinate water and increase climate resilience.
"Increased availability of clean, affordable and reliable energy is an important priority for ADFD to drive sustainable development and positive societal changes across developing countries,” ADFD Director General Mohammed Saif Al Suwaidi said. “Our collaboration with IRENA has significantly contributed to narrowing the energy divide that has long hindered development projects in developing countries due to the lack of reliable power infrastructure."