Four renewable energy projects in developing countries in the Pacific and Africa have been identified by Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) to receive $44.5 million in funding. ADFD’s funding will support a diverse set of projects including a hybrid micro-grid project employing solar PV and advanced lithium-ion batteries, a hydropower project, integrated wind and solar, and a combination project consisting of micro-grid and solar home kits.
The announcement of this fourth round of funding by the IRENA/ADFDProject Facility was made today at the Seventh Session of the IRENA Assembly.
Through the IRENA/ADFDProject Facility, ADFD provides concessional loans ranging from $5 million to $15 million per project. Finance is offered at 1%-2% lending rates with a 20-year loan period, including a 5-year grace period. Loans for each project cover up to half of the estimated project cost, leveraging additional funding from other sources. To help facilitate additional sources of funding, project developers can register and seek financing sources from IRENA’s Sustainable Energy Marketplace.
Projects in Africa that received funding from the latest round include one focused on the rural electrification of Niger using 2.1-MW solar PV micro-grids and solar home kits. One hundred schools will be powered, drinking supplies will be improved, and the project will create several thousand jobs.
The other African country to win funding was the Seychelles. Under this project a government-supported solar PV utility scale project will see the integration of a 5-MW solar PV plant into an existing wind farm. The project demonstrates an innovative space-saving solution for this small island nation. The project will reduce the country’s dependence on fossil fuels, create almost 300 jobs, and supply renewable power to over 1,800 households.
Applications were evaluated by an international panel of experts who reviewed the projects based on their technical feasibility, economic/commercial viability and socio-economic and environmental benefits.
Source: Alternative Energy Africa