Renewables projects of 12 MW in developing countries get USD 46m in loans
Solar panels. Featured Image: foxbat/Shutterstock.com
A total of USD 46 million (EUR 42m) in concessional loans will back four renewable energy projects with a combined capacity of almost 12 MW in Africa and the Caribbean region.
The financing was announced by the International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) yesterday on the sidelines of IRENA's sixth assembly.
A 4-MW wind and solar project in Antigua and Barbuda that will provide energy to desalinate water will get USD 15 million. In Burkina Faso, a A 3.6-MW solar photovoltaic (PV) mini-grid project will receive USD 10 million to provide energy services to over 12,000 local families. A 2-MW hybrid grid-connected solar PV and wind project in Cabo Verde that will offer a 100% renewable energy solution to the island of Brava will get USD 8 million. The last fourth project is a 2-MW PV mini-grid scheme in Senegal that will supply electricity to rural villages. It will get USD 13 million.
The funding is provided through the USD-350-million IRENA/ADFD Project Facility which is aimed at increasing renewable energy deployment in developing countries. The facility has so far allocated USD 144 million over its first three cycles. The fourth funding cycle is open for project proposals until February 15.
"While renewable energy resources are abundant in many developing countries, adequate finance can still be a barrier to deployment. IRENA and ADFD’s pioneering partnership contributes to overcoming this challenge, by selecting innovative projects for concessional funding," said IRENA director-general Adnan Amin.