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Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) have announced on 14 January that Niger, along with the Marshall Islands, Seychelles and the Solomon Islands, will recieve US$44.5mn in funding to develop local renewable projects
Four renewable energy projects in developing countries in the Pacific and Africa have been identified by the ADFD and IRENA to receive US$44.5mn in funding.
The funding will support the development of a diverse range of projects including a hybrid micro-grid project employing solar PV and advanced lithium-ion batteries, a hydropower project, integrated wind and solar, and a combination project consisting of micro-grid and solar home kits.
The projects in Niger will focus on rural electrification for over 150,000 people, using 2.1 MW solar PV micro-grids and solar home kits. 100 schools will be electrified, drinking water supplies will be improved, and several thousand jobs will be created.
“Over the course of the last four years, the IRENA/ADFD Project Facility has identified path breaking renewable energy projects that are helping to expand access to energy, bolster energy security and provide sustainable, affordable energy for those who need it most,” said IRENA Director-General Adnan Z. Amin.“Importantly, this Facility is also putting in place an innovative process which supports transformational and replicable projects that can potentially bring sustainable energy to millions of people around the world.”
For his part, His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD said: “ADFD is committed towards steadfast development in the renewable energy sector; it’s a crucial industry for sustainable continuity, long-term growth and constructive evolution of developing nations. Over seven funding cycles, our US$350mn partnership, IRENA/ADFD Project Facility, aims to support and enhance the developing world’s energy needs by tapping into their abundant renewable energy sources. This collaboration further exemplifies ADFD’s mission and commitment to provide governments with the financial resources, tools, methods and instruments to safeguard against future unknowns, grasp opportunities and seize desired development goals.”
“The UAE’s commitment to advancing sustainable energy transitions in countries around the world has been unwavering. “ said His Excellency Ali Al Shafar, the Permanent Representative of the UAE to IRENA. “Our renewable energy development aid has been growing significantly to more than US$900mn. This is a testament of our belief in the vital role of renewable energy in achieving the Sustainable Development Goals and universal access to modern energy.”
Through the IRENA/ADFD Project Facility, ADFD provides consessional loans ranging from USD 5 million to US$15mn per project. Finance is offered at one to two per cent lending rates with a 20-year loan period, including a five-year grace period. Loans for each project cover up to half of the estimated project cost, leveraging additional funding from other sources. To help facilitate additional sources of funding, project developers can register and seek financing sources from IRENA’s Sustainable Energy Marketplace.