More than $41 million in concessional loans for renewable energy projects will be provided to Republic of Ecuador, Sierra Leone, the Maldives, Mauritania, Samoa, and Mali by the International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD).
“IRENA and ADFD selected projects bring power to isolated off-grid populations, in some cases for the first time. This will stimulate local economic development and raise living standards,” said Adnan Z. Amin, IRENA’s director-general.
The projects have a combined total capacity of 35 MW and will bring reliable and sustainable power to rural communities that are currently lacking access to modern energy services.
The projects selected will provide energy to over 300,000 people and numerous businesses. In total, 35 megawatts (MW) of energy capacity will come online, along with 4 million liters of biodiesel production per year. Around 1.3 billion people around the world lack access to modern energy services and the renewable energy technologies offer great potential to close this gap, provided suitable financing becomes available. — Full Story at Arab News —