The ADFD extend clean energy initiatives
The Abu Dhabi Fund for Development (ADFD) extends its clean energy initiatives in the UAE and across the globe.
Despite a global covid pandemic, this leading UAE financial entity has completed five important clean energy initiatives. These clean energy projects took place across five partner countries including: Cuba, Barbados, the Bahamas, Somaliland and Saint Vincent & the Grenadines.
The projects costing AED 1117.3 million, have allowed them to reduce their carbon footprint. They have also brought a number of economic benefits to these partner countries. ADFD’s Director-General explained that these projects indicate their solid commitment to socioeconomic growth through sustainable initiatives. Across the developing world.
He went on to explain that ADFD has been putting in double the effort in the global pandemic. Ensuring that they guarantee delivery in partner countries. Their mission has been to support these countries in order to maintain their economic and social development pathway. He also explained that delivering these projects was a learning curve. This has helped them to not only future proof their entity and deal with the global crisis; but allowed them to refocus and value their partnerships more.
He also confirmed that clean energy initiatives still remain high on their agenda. This is due to their impact on many factors from environmental to commercial. He also explained that the covid pandemic has forced ADFD to refocus their business more. Now, with a strong emphasis on what is happening around them as well as valuing partnerships and cooperation more.
Previous clean energy initiatives & funding
Last year, the ADFD announced the distribution of AED384 million (US$104.5 million) to eight clean energy initiatives. This came under the seventh round of their partnership with the International Renewable Energy Agency (IRENA)
The ADFD signed three loan agreements, totalling AED121 million (US$33 million) in West African nations of Niger, Liberia and Togo.
In July 2020, the fund backed the Maldives waste clean energy project. As a result, they were awarded an GINI certification. This is an accreditation from the Global Innovation Institute, a leading professional membership body within the innovation field.
ADFD’s eight projects were funded in Antigua and Barbuda, Cuba, the Maldives, Burkina Faso, Chad, Nepal, Saint Lucia and Saint Vincent and the Grenadines. Once announced, it delivered AED1.28 billion (US$350 million) in cumulative funding.
The ADFD via the UAE-Caribbean Renewable Energy Fund (UAE-CREF) also finances clean energy initiatives across 16 Caribbean island nations. This fund launched in 2017 is the largest renewable energy initiative in the region; supporting projects that reduce fossil fuel import reliance, climate change resilience, and increase energy access.
Despite the 2020 covid pandemic, the fund completed five of their committed projects. These increased the share of renewable energy by 14.38MW. Costing a total of AED 117.3 million, these projects supported critical socio-economic development at a critical time.
Solar projects completed last year
Somaliland Solar power project
Costing AED29.3 million, this 7-megawatt project is a game changer for Berbera City. In addition to significantly decreasing energy tariffs, it will support economic development and reduce Berbera Cityâs carbon footprint.
Cuba Solar PV plant
This Cuban 10-megawatt solar photovoltaic in 2019 received a capacity boost to 15MW. The grid-connected project services approximately 10,000 households
Bahamas Solar project
This AED11 million solar project located in the local stadium car park is projected to save thousands of dollars in power generation for the public purse.
The project was funded by the UAE-CREF scheme as part of a wider initiative to support their energy infrastructure and amplify the Caribbean nation’s share of renewable energy. So far the project has enabled the island to reduce its CO2 emissions by 856,000kg and has saved 310,000 litres of diesel per year,
Barbados Solar PV project
Financed by the UAE-CREF initiative, this AED 11 million projects saw the installation of solar PV panels in car parks for both charging car-battery as well as supporting the Barbados Water Authority. This led to a reduction in their CO2 emissions by 975,000kg per year and saved 265,000 litres of fossil fuel. This project also created significant job opportunities for women.
St Vincent and the Grenadines Solar PV project
This Union Island 600kW photovoltaic solar power plant has cut CO2 annual emissions by 825,000kg and reduced production cost and expenses on 320,000 litres of diesel. Financed under the UAE-CREF initiative, this AED11 million project has generated jobs particularly for women and raised the countryâs share of renewable energy to 35 percent.