Abu Dhabi-Mubasher: Abu Dhabi Fund for Development (ADFD) signed an AED 55 million ($15 million) loan agreement with Saint Vincent and the Grenadines to establish a geothermal power station in the country, according to a recent statement.
The project is being funded as part of the AED 1.285 billion ($350 million) ADFD/IRENA project facility, launched in 2012, to provide concessional financing for renewable energy projects in developing countries affiliated to International Renewable Energy Agency (IRENA).
The plant aims to make use of occurring geothermal energy to plug the power shortage in Saint Vincent and the Grenadines.
