The Abu Dhabi Exports Office (ADEX) announced on Thursday that it signed an agreement with Togo’s Ministry of Economy and Finance to finance the increase in production capacity of the Mohammed bin Zayed Solar Park in the country.
The financing will help increase the Park’s capacity from the current 50 megawatts (MW) to 70 MW and help procure a 4MWh energy storage system, ADEX said in a press statement.
Under the agreement, ADEX will provide a loan of 92 million UAE dirhams ($25 million), while the UAE-based AMEA Power will undertake the construction and operation of the new capacity. In January 2022, ADEX had made a provision of AED37 million ($10 million) financing for the Solar Park.
The total value of ADEX’s financial contribution towards Mohamed bin Zayed Solar Park amounts to AED128.5 million ($35 million).
In 2021, Abu Dhabi Fund for Development (ADFD) had financed the first phase of Mohammed bin Zayed Solar Energy Complex at a value of AED55 million ($15 million).
(Writing by SA Kader; Editing by Anoop Menon)