$50m UAE-Caribbean fund to finance more green energy projects

$50m UAE-Caribbean fund to finance more green energy projects

In Saint Kitts and Nevis, two solar PV desalination plants will be developed, while Suriname will receive a solar PV and battery hybrid plant and Trinidad and Tobago, a solar PV carport.. The Fund finances sustainable solar, wind, hydroelectric and geothermal power ventures in the beneficiary countries, especially in the Small Island Developing States.". We are confident that the selected second-cycle UAE-CREF projects will go a long way in meeting the outlined energy targets and driving sustainable economic growth in the seven countries.". The projects represent significant steps forward advancing the renewable energy ambitions of the seven countries, with the Dominican Republic targeting renewable energy generation of 25 percent by 2025 and Haiti aiming to have 50 percent of electricity from renewable sources by 2020.. Guyana has set a target of 47 percent renewable electricity generation by 2027, while Grenada is aiming for 100 percent by 2030 and Trinidad and Tobago is targeting 5 percent of peak demand by 2020..