Abu Dhabi - Mubasher: The United Arab Emirates (UAE) announced on Tuesday a new $50 million grant fund for renewable energy projects in Caribbean island countries, according to a press release.
The grant funding is provided by the Abu Dhabi Fund for Development (ADFD), with the UAE Ministry of Foreign Affairs managing the initiative and Masdar leading implementation.
The announcement, which brings UAE development assistance for renewable energy to almost $1 billion since 2013, was made on the sidelines of Abu Dhabi Sustainability Week, as part of the annual General Assembly meeting of the International Renewable Energy Agency (IRENA).
UAE development assistance for renewable energy recent projects, implemented by Masdar, include eight solar plants in rural Mauritania, which power about 39,000 homes and save 27,850 tonnes of carbon emissions per year, as well as the provision of 6.5 megawatts of capacity across 11 Pacific Islands, enabling the saving of 3.2 million litres of diesel fuel annually.
On Sunday, Abu Dhabi Fund for Development (ADFD) in collaboration with IRENA announced that it will fund four renewable energy projects producing about 32 megawatts of renewable energy, worth AED 163.4 million ($44.5 million) in four countries, namely, the Seychelles Islands Marshal, Niger and the Solomon Islands.
