The Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (Irena) have earmarked $25 million in ADFD concessional loans for two solar photovoltaic (PV) projects in Mauritius and Rwanda.
Announced at the eighth session of the Irena Assembly, the two projects are being financed through the fifth funding cycle of the Irena/ADFD project facility. Established in 2013, the seven-cycle programme offers $350 million to assist developing countries in accessing low-cost capital for renewable energy projects.
Since 2014, ADFD has allocated $214 million to 21 projects, attracting over $420 million in co-financing from governments and development funds.
Adnan Z. Amin, director-general of Irena, said: "For developing countries, renewable energy is a triple win: It offers a cost-effective means of supplying electricity to families, fuels economic growth and supports energy independence and security. However, many developing countries have trouble accessing funding for renewable energy projects. Our continued partnership with ADFD will provide a stable, low-cost source of financing to help Mauritius and Rwanda achieve a sustainable energy future."
Mohammed Saif Al Suwaidi, director-general of ADFD, said: "ADFD's collaboration with Irena aligns with the Fund's core mandate of supporting sustainable socio-economic development across developing countries through financing projects that serve vital economic sectors. The ADFD places high priority on renewable energy as a catalyst of inclusive development."
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