Yemisi Izuora/Agency Report
Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) have announced the selection of renewable energy projects in three West African regions to receive funding from the ADFD.
Guyana, Liberia and Togo have been selected to receive these funds as part of the sixth cycle of the IREnA/ADFD Project Facility.
With ADFD committing $350 million over seven funding cycles to the IRENA/ADFD Project Facility since 2013, this announcement, during the Ninth Session of the IRENA Assembly, brings cumulative funding to date to $245 million.
The Facility helps developing countries access low-cost capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development.
“The projects selected this year will contribute towards meeting national energy access targets and will transform lives for the better,” said IRENA Director-General Adnan Z. Amin.
“They will take advantage of cost-effective renewable energy to help reduce poverty, enable income-generating activities, and provide electricity to healthcare facilities and educational institutions, which will create jobs, empower women, and strengthen local communities.”
For his part, His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, said: “We are proud of our result-oriented Facility that has supported replicable, scalable and potentially transformative renewable energy projects set to benefit communities and improve their living conditions. Today, at the Ninth Session of the IRENA Assembly, we are pleased to have selected truly impactful projects valued at $31 million for the sixth cycle of financing awarded by the Facility.
“Taking into account this cycle’s recipients, our cumulative expenditure to date is $245 million, and we look forward to allocating the remaining $105 million to awardees of the seventh cycle.”
In Guyana, a project will receive a loan of $8 million to install 5.2MW grid-connected solar PV systems in the hinterland regions to reduce fossil fuel consumption and increase the reliability of electricity supply. An estimated 34,700 people in the target areas will benefit and around 120 direct and indirect jobs are set to be created throughout the project lifecycle.
In Liberia, the loan of $8 million will contribute to the construction of a 2.1MW run-of-river hydropower plant on the Gee River. The project will benefit over 30,000 people by providing a clean, reliable and affordable source of energy to households, schools, health facilities and small businesses, enhancing living conditions and helping to reduce poverty.
In Togo, a 30MW grid-connected solar PV plant will be constructed with the investment of a $15 million loan. The project aims to bring clean, reliable power to around 700,000 households and small businesses and reduce greenhouse gas emissions by 9,242 tonnes/year. Local communities will benefit from greater access to drinking water, education and healthcare as well as job creation that prioritises women.
Funding is available for sustainable development projects that are backed by a government guarantee.