Sierra Leone, Mali, others get IRENA, ADFD funds for 35 MW of renewables
Jan 20, 2014 - The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) will provide concessional loans to 35 MW of green energy projects in Ecuador, Sierra Leone, the Maldives, Mauritania, Samoa and Mali.
IRENA and ADFD officials said at a press conference on Monday that they would extend over USD 41 million (EUR 30m) in loans for the projects, which are estimated to bring energy to more than 300,000 people and many businesses in the said countries. Apart from the 35 MW of energy capacity, the financial support will also make possible the installation of 4 million litres (1 million gallons) of annual biodiesel production capacity.
More specifically, Ecuador will receive a USD-5-million loan for a 3-MW hydropower station. Another USD 6 million will go to the Maldives to back a 2-MW waste-to-energy facility which will also produce desalinated water. Mali is getting USD 9 million for 4 MW of hybrid solar-plus-diesel mini-grids projects that will bring power to 30 villages. IRENA and ADFD loans of USD 5 million and USD 9 million will also go to Mauritania for a 15-MW wind farm and to Sierra Leone for a 6-MW on-grid solar park. Last but not least Samoa will get USD 7 million for a 3-MW biomass gasification plant and a biodiesel production facility.
The concessional loans cover no more than 50% of the costs for each project. They are to make it easier for the developers to attract financing from banks, international financial institutions and other development partners.