A solar power project in Guyana is among three new clean energy initiatives to be funded by Abu Dhabi entities.
Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency have invested in the international projects to help bring renewable energy to communities in need. Loans totalling up to AED 105m will help finance the projects in developing countries to reduce the reliance on fossil fuels and provide clean energy solutions.
The first project, a hydropower plant in Liberia, has been granted AED 30m to help up to 30,000 people gain access to affordable energy, improve living conditions and reduce poverty.
A solar power project in Guyana has also been granted AED 30m to help reduce fossil fuel consumption, provide energy to 35,000 people and create 120 jobs.
Finally, a third project in Togo has been awarded AED 55m to build a solar power plant that will bring reliable, clean energy to approximately 700,000 households, provide greater access to drinking water and create jobs for women.
Commenting on the funding, HE Mohammed Saif Al Suwaidi, director general at ADFD, said: “ADFD’s funding mechanisms are designed to foster sustainable development in key sectors that stimulate economic growth and elevate living standards in developing countries. To deliver on that promise, the Fund views the advancement of renewable energy as a top priority.”