Four renewable energy projects set to be developed in Africa and the Caribbean have been awarded $46 million in funding.
The International Renewable Energy Agency (IRENA), in partnership with the Abu Dhabi Fund for Development (ADFD), announced on Sunday $46 million in concessional loans for four separate projects — three in Africa, one in the Caribbean — which together will represent nearly 12 MW of new renewable energy capacity in some much needed locations.
“Accelerating the energy transition to renewables requires all countries to take action to develop their own local renewable energy sources,” said IRENA Director-General Adnan Z. Amin. “While renewable energy resources are abundant in many developing countries, adequate finance can still be a barrier to deployment. IRENA and ADFD’s pioneering partnership contributes to overcoming this challenge, by selecting innovative projects for concessional funding.”
A 4 MW wind and solar project in Antigua and Barbuda will receive $15 million, which upon completion will provide energy to desalinate water and increase climate resilience in the country, and avoid approximately 8,275 tonnes of CO2 per year.