logo
menu

ADFD allocates $105 million in funding for renewable energy projects

news item image
The Abu Dhabi Fund for Development (ADFD), a national entity for economic development aid, has allocated $105 million (€94.4 million) for eight renewable energy projects, including a biogas project. The funding forms part of the seventh cycle of its partnership with the International Renewable Energy Agency (IRENA).

The IRENA/ADFD facility announcement marks a record level of funding for any cycle since its launch and will support projects in Nepal, Cuba, Chad, the Maldives, Antigua and Barbuda, Saint Lucia, Burkina Faso and Saint Vincent and the Grenadines. Mohammed Saif Al Suwaidi, director-general of ADFD, said: “In cooperation with IRENA, ADFD is proud to have supported the deployment of renewable energy solutions worldwide over several years.

“In its efforts to boost the implementation of the United Nations’ Sustainable Development Goals, specifically Goals 6,7,11,12 and 13 – ADFD-funded projects over the seven cycles of the facility have led to the widespread adoption of scalable, clean, and sustainable energy alternatives in 26 countries.

“Today’s announcement reaffirms the UAE’s and ADFD’s leading efforts to combat the effects of climate change by stimulating robust development across the global renewable energy sector. The fund’s commitment to this priority has enhanced long-term growth prospects and yielded social-economic benefits for millions of lives in line with the national objectives of the beneficiary countries.”

Among the projects to receive funding is a biogas project in Nepal, which will receive $10 million (€8.9 million) to support 20 biogas digesters, which will serve as demonstration units to 270 municipalities. The digesters will convert organic waste into energy and offset the use of fossil fuels.

“Overcoming investment needs for energy transformation infrastructure is one of the most notable barriers to the achievement of national goals,” said Francesco La Camera. “Therefore, the provision of capital to support the adoption of renewable energy is key to low-carbon sustainable economic development and plays a central role in bringing about positive social outcomes.

“The record levels of funding announced in this cycle of the facility will not only support the eight chosen countries in their pursuit of energy and climate plans but will also further global ambitions to build a sustainable future. This facility is a true reflection of the transformational outcomes that organisations with shared goals can deliver when they come together, and provides a blueprint effective cooperation in the future.”

Since its inception in 1971, ADFD has financed hundreds of renewable energy projects worldwide, worth around $1.187 billion (€1.067 billion).