ADFD to finance $105 million in renewable energy

The investment was announced during the 10th IRENA Assembly. (Supplied)

Abu Dhabi Fund for Development (ADFD) announced Sunday approximately $105 million in funding for eight renewable energy projects across the world, in partnership with the International Renewable Energy Agency (IRENA).

The eight projects are located in Antigua and Barbuda, Burkina Faso, Chad, Cuba, the Maldives, Nepal, Saint Lucia, and Saint Vincent and the Grenadines.

“Today’s announcement re-affirms the UAE’s and ADFD’s leading efforts to combat the effects of climate change by stimulating robust development across the global renewable energy sector,” said Mohammed Saif al-Suwaidi, director general of ADFD.

IRENA’s Director-General Francesco La Camera also pointed to the transformative effect of renewable energy investment.

“Overcoming investment needs for energy transformation infrastructure is one of the most notable barriers to the achievement of national goals,” said La Camera.

“Therefore, the provision of capital to support the adoption of renewable energy is key to low-carbon sustainable economic development and plays a central role in bringing about positive social outcomes,” he added.

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Last Update: 07:05 KSA 10:05 - GMT 07:05
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