ADFD grants Dh33m loan to Sierra Leone for Solar Park Freetown project

[Al Bhatti]

June 29, 2014

ADFD grants Dh33m loan to bolster renewable energy sector in Sierra Leone
Previous relations include a Dh20 million loan to finance the Toke-Lumley road project in 2012

Abu Dhabi Fund for Development, ADFD, has signed a loan agreement with the government of Sierra Leone, by which the fund will provide more than Dh33 million in financing to the Solar Park Freetown project.

Mohammad Saif Al Suwaidi, Director General of ADFD, and Dr. Kaifala Marah, Minister of Finance and Economic Planning in Sierra Leone, signed the agreement. The loan will establish a solar power plant in the city of Freetown which will generate 6 megawatts (MW) of clean, renewable electricity.

The project will encourage a partnership between the public and private sectors in the renewable energy field, providing job opportunities in construction, operations and maintenance works.

Mohammad Saif Al Suwaidi, Director-General of ADFD, commented, “We aim to help communities in developing countries achieve the highest levels of progress. We hope to be a partner and strong contributor to achieving sustainable development through offering concessional loans and administering government grants to finance development projects that affect vital sectors including renewable energy, an important pillar to achieving sustainable development.

“We believe in supporting developing countries and helping them deploy renewable energy as a substitute for traditional energy that has negative effects on humans and the environment. We believe in the importance of encouraging investment in renewable energy and that’s why we launched this initiative,” he added.

Dr. Kaifala Marah said, “The solar energy project for the city of Freetown will provide electricity to many rural villages using solar energy developed technologies which will lead to improvements of the social and economic conditions for the people in the Freetown area.”

He went on to express his high esteem for the efficient role the Government of UAEand the ADFD are playing in promoting development in his country by funding such vital development projects, saying, “This is helping them to overcome the difficult economic conditions by improving the performance of the main economic sectors, leading to advancing sustainable development in his country.”

Previous relations between ADFD and Republic of Sierra Leone include a Dh20 million loan to finance the Toke-Lumley road project in 2012. This major infrastructure project was designed to support economic and social development in the peninsula of Freetown by linking it with the capital and other areas of the country.

ADFD grants Dh33m loan to bolster renewable energy sector in Sierra Leone | GulfNews.com

----------------

Related thread:

UAE 3rd in the world for total solar power capacity & investment

 

[Al Bhatti]

January 17, 2015

UAE gives over $700m for renewable energy
Allocated $700m since 2009 to projects in developing countries

The UAE has allocated $700 million (Dh2.5 billion) since 2009 in support of the renewable energy sector in developing countries, a top official said here on Saturday.

“We in the UAE are committed to supporting the International Renewable Energy Agency (Irena) to achieve its ambitious objectives,” Dr Sultan Ahmad Al Jaber, Minister of State, said at the fifth General Assembly of Irena.

There is an innovative and effective cooperation between the Abu Dhabi Fund for Development and Irena to finance renewable energy projects and reduce the impact of climate change, he said.

He said that five new projects will be launched this year through soft loans provided by the Abu Dhabi Fund for Development (ADFD) valued at $57 million (Dh209.19 million). In addition, the UAE gave grants for four new projects in the Pacific Islands, Al Jaber said.

He said the Irena Assembly this year is held in special circumstances in the global energy sector, both in terms of fluctuating prices of hydrocarbon resources and declining costs of renewable energy technologies.

The importance of Irena’s role will increase as the cost of renewable energy technologies continues to decline, Al Jaber said.

Highlighting Irena’s achievements, he said the number of permanent representatives to the agency grew from only two in last January to 28 currently.

The agency has achieved steady and substantial growth in the number of member states and states in accession, which now exceeds 170, he said.


UAE gives over $700m for renewable energy | GulfNews.com