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Abu Dhabi fund offers $57 mn loans for clean energy

Abu Dhabi (AFP) – An Abu Dhabi fund said Sunday that it will provide $57
million worth of concessional loans for clean energy projects in five
developing countries.

The projects were aimed at bringing “reliable and sustainable power to
more than 280,000 people” in Argentina, Cuba, Iran, Mauritania and St.
Vincent and the Grenadines, said the Abu Dhabi Fund for Development.

Abu Dhabi is the wealthiest of the seven sheikhdoms that make up the
United Arab Emirates, one of Iran’s Gulf Arab neighbours which has long
been wary of Tehran’s nuclear ambitions.

The second loan cycle is part of a commitment by Abu Dhabi to provide
concessional loans worth $350 million (300 million euros) over seven
years to finance renewable energy projects in developing countries.

The loans were announced jointly at a news conference with the
International Renewable Energy Agency during IRENA’s fifth assembly
which ended on Sunday.

“Renewable energy offers the prospect of clean, affordable power to the
1.3 billion people currently off the electricity grid,” said IRENA
director-general Adnan Amin.

Ecuador, Mali, Mauritania, Samoa, and Sierra Leone are among the
countries that have already benefited from such loans.

The conference coincided with a series of events organised under the
banner of Abu Dhabi Sustainability Week, including summits on energy and

In March last year, Abu Dhabi opened the world’s largest concentrated
solar power plant, which has the capacity to provide electricity to
20,000 homes.

Source: Abu Dhabi fund offers $57 mn loans for clean energy – Yahoo News;_ylt=AwrBEiEy77xUhA0AkUDQtDMD

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