UAE-Caribbean Renewable Energy Fund in talks to fund projects

Reuters Images/Ben Job

The $50 million grant fund, which was launched earlier this year operates under the management of Ministry of Foreign Affairs and International Cooperation

Gulf News

May 23, 2017

PHOTO

Tuesday, May 23, 2017

Abu Dhabi

The UAE-Caribbean Renewable Energy Fund is in talks with six Caribbean countries to fund renewable energy projects, it was announced on Tuesday.

The $50 million (Dh183 million) grant fund, which was launched earlier this year operates under the management of Ministry of Foreign Affairs and International Cooperation (MOFAIC), whereas Abu Dhabi Fund For Development (ADFD) provides the grant funding, and Masdar leads in implementation.

“The UAE-Caribbean Renewable Energy Fund, is expected to sign about four to six project agreements in its first cycle, and the second cycle talks with additional countries are anticipated by the fall of this year,” Adel Al Hosani, Director of Operations at ADFD.

Staff Report