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IRENA Announces $46m Loan For Renewable Energy In Africa

The International Renewable Energy Agency and the Abu Dhabi Fund for Development have announced $46m concessional loans for four renewable energy projects in developing countries.

The information is contained in a statement posted on IRENA website and obtained by the News Agency of Nigeria in Abuja on Monday.

The statement said the announcement was made at the on-going IRENA sixth Assembly at Abu Dhabi.

According to the statement, the loan will be used to implement selected projects in those countries.

“The loans will fund a wind and solar project in Antigua and Barbuda, a solar project in Burkina Faso, a solar and wind project in Cape Verde and a solar project in Senegal.

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“The four projects will result in nearly 12 megawatts of new renewable energy capacity, reduce emissions, create jobs and electrify rural communities without access to modern energy services,” it said.

The statement, however, quoted IRENA Director-General, Adnan Amin as saying, “Accelerating the energy transition to renewable requires all countries to take action to develop their own local renewable energy sources.

“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.

“Increased availability of clean, affordable and reliable energy is an important priority for ADFD to drive sustainable development and positive societal changes across developing countries.”

 

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Written by PH

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