January 19 (SeeNews) - The UAE unveiled on Tuesday a USD-50-million (EUR 47m) fund that will support renewable energy projects in the Caribbean.
The goal of the so-called UAE-Caribbean Renewable Energy Fund will be to seal project agreements with several countries a year. Eligible developments will be all that rely on renewable energy sources, including solar and wind power, as well as geothermal and waste-to-energy. They could receive funds that cover the entire project cost or just a portion of it.
Grant funding will be provided by the Abu Dhabi Fund for Development (ADFD). The UAE Ministry of Foreign Affairs will be managing the initiative, while Abu Dhabi-based renewables developer Masdar will be in charge of the implementation.
The UAE has provided some USD 1 billion worth of development assistance for renewable energy projects since 2013.
(USD 1.0 = EUR 0.943)