Abu Dhabi Fund for Development ends 2020 with Dhs117.3m worth of projects

Abu Dhabi Fund for Development ends 2020 with Dhs117.3m worth of projects

The Abu Dhabi Fund for Development (ADFD) completed five renewable energy projects worth Dhs117.3m in 2020, despite Covid-19 headwinds.

The projects injected 14.38MW into the electric grids of five partner countries, including Cuba, Somaliland, the Bahamas, Barbados, and Saint Vincent and the Grenadines.

In January of last year, the fund announced an allocation of approximately Dhs384 million ($104.5m) to eight renewable-energy initiatives under the seventh cycle of its partnership with the International Renewable Energy Agency (IRENA).

The ADFD also signed three loan agreements worth Dhs121m ($3m) with the West African nations of Togo, Niger and Liberia. In July, it financed a waste-to-energy project in the Maldives, which earned a certification from Global Innovation Institute (GINI), an international professional certification, accreditation and membership association in the field of innovation.

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Under the facility, eight projects were to be funded in Antigua and Barbuda, Burkina Faso, Chad, Cuba, the Maldives, Nepal, Saint Lucia and Saint Vincent and the Grenadines. The announcement brought cumulative funding to Dhs1.28bn ($350m), in line with the commitment made by ADFD across seven funding cycles to IRENA recommended projects.

ADFD also invests through the Dhs183.65 million ($50m) UAE-Caribbean Renewable