The Abu Dhabi Fund for Development has announced plans to offer US$ 57 million in concessional loans for five renewable energy projects in developing countries.
The loans go to projects in a geographically diverse set of countries including Argentina, Cuba, Iran, Mauritania and St. Vincent and the Grenadines. The projects to be financed have a combined total capacity of 35 megawatts, bringing reliable and sustainable power to more than 280,000 people in rural communities that lack access to modern energy services.
This is the second loan cycle of seven, which together will commit US$350 million over seven years to the deployment of renewable energy in developing countries, with a total project value of an estimated US$ 800 million. The funds from ADFD mobilise other funds and will lead to more than double the invested amount.
Projects approved for funding in the second loan cycle include solar, hydro, hybrid (wind and solar) and geothermal energy. The projects selected represent a mix of renewable energy sources, are innovative, potentially replicable or scalable, and will improve energy access.