The Abu Dhabi Exports Office (ADEX), the financial facility of the Abu Dhabi Fund for Development, is set to provide a loan of AED92 million ($25 million) to boost the capacity of a solar facility in Togo, a country in West Africa.
ADEX has just signed an agreement with Togo’s Ministry of Economy and Finance to raise the production capacity of the Mohammed bin Zayed Solar Park from 50 megawatts to 70 megawatts.
Under the agreement, ADEX will provide the additional financing, which will help procure a 4 megawatt-hour (MWh) solar energy production storage system for the facility, while Emirati company EMEA Power will undertake the construction and operation of a new complex, according to a statement on Thursday.
The solar facility is expected to raise the share of renewable energy in Togo’s total energy mix and make energy more accessible to the country’s population. It seeks to reduce carbon dioxide emissions by 9,500 tonnes per year.
“The agreement supports the continuation of Abu Dhabi Fund for Development (ADFD) to the Mohamed bin Zayed Solar Energy Complex in Togo,” said Mohamed Saif Al Suwaidi, Director General of ADFD.
In 2021, ADFD financed the first phase of the solar project at a value of AED55 million.
(Writing by Cleofe Maceda; editing by Seban Scaria)