October 5 (Renewables Now) - Renewables developer Masdar on Wednesday announced an agreement with the Abu Dhabi Fund for Development (ADFD) to finalise financing for a USD-50-million (EUR 42.5m) fund supporting renewable energy projects in the Caribbean.
The UAE-Caribbean Renewable Energy Fund was set up in January, targeting to finance projects in 16 countries. The UAE Ministry of Foreign Affairs and International Cooperation (MOFAIC) is managing the initiative, while Masdar is in charge of the implementation.
The contract between ADFD and Masdar also seeks to improve the collaboration in implementing the projects, the Abu-Dhabi renewable energy group said. “This agreement is a momentous step forward for Abu Dhabi entities working together to develop the energy sector in 16 Caribbean island countries for the next two to three years,” said Mohammed Saif Al Suwaidi, director general of ADFD.
The first stage of the initiative envisages providing support for projects in Antigua and Barbuda, Bahamas, Barbados, Dominica, St Vincent and the Grenadines. Preferred technologies will be solar photovoltaic (PV) and battery storage, while the general goal of the projects should be lowering the high energy costs in the region.
(USD 1.0 = EUR 0.850)