Thursday 23 March 2023

ADFD to fund Caribbean hybrid power project

ABU DHABI, January 15, 2017

Abu Dhabi Fund for Development (ADFD) has signed a $15-million concessionary loan agreement for the development of an innovative new hybrid solar and wind generation project in the Caribbean state of Antigua and Barbuda; one of the third funding cycle recipients of ADFD/Irena Project Facility.

The initial 10 MW project, rising to 25 MW in subsequent phases, will bring clean energy to 90,000 people with a focus on providing energy for the operation of drinking water desalination plants, health and other essential facilities, said Mohammed Saif Al Suwaidi, the director-general of ADFD, after signing the deal with Gaston Browne, Prime Minister of Antigua and Barbuda during the Seventh Session of the Irena Assembly.

"Addressing the funding and skills gap in fast emerging economies like Antigua and Barbuda are crucial in accelerating the uptake of renewable energy solutions that can support sustainable socio-economic development in the long-term," stated Al Suwaidi.

"We are proud to be able to play our part in this islands’ development story and look forward to further collaboration opportunities," he noted.

According to him, the project will play a major part in the country’s 20 per cent target for renewable sources by 2018 and will support the country’s work towards meeting its sustainable development goals.

"Prior to 2016, Antigua and Barbuda had been totally dependent on fossil fuels for electricity generation," said Browne.

"Using renewable energy will diversify the energy sources for the country whilst actively moving towards more reliable and affordable electricity. Thanks to the Irena/ADFD Project Facility, we will bring to life a transformative renewable energy project that will help us improve access to water and electricity and reduce the cost of energy, while improving our resilience to the effects of climate change," he added.-TradeArabia News Service

Tags: ADFD | Caribbean | Irena |

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