$57m clean energy boost for developing nations

An Abu Dhabi fund is to provide $57 million (£37.6m) worth of loans for five renewable energy projects in developing countries. They will have a total capacity of 35MW and […]

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By Priyanka Shrestha

An Abu Dhabi fund is to provide $57 million (£37.6m) worth of loans for five renewable energy projects in developing countries.

They will have a total capacity of 35MW and help bring sustainable power to more than 280,000 people in rural communities in nations including Argentina, Cuba and Iran.

Projects include solar, hydro, hybrid, i.e. wind and solar combined and geothermal energy.

The loan – announced jointly with the International Renewable Energy Agency (IRENA) – is part of Abu Dhabi’s commitment to provide concessional loans worth $350 million (£231m) over seven years for clean energy projects in developing nations.

Dr. Thani Al Zeyoudi, Director of Energy and Climate Change at the Ministry of Foreign Affairs said: “The UAE sees renewable energy as a new cornerstone of sustainable development, with dramatic cost reductions having made it the most competitive energy option in many developing countries.

“The partnership between ADFD and IRENA provides a powerful way to demonstrate renewable energy’s viability and speed up further deployment.”