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IRENA and ADFD unveil $57 million loans for five renewable energy projects

20 Jan 2015

The International Renewable Energy Agency and the Abu Dhabi Fund for Development have unveiled $57 million in concessional loans for renewable energy projects in five developing countries.

The projects intends to help bring energy to more than 280,000 people in Argentina, Cuba, Iran, Mauritania, and St. Vincent and the Grenadines. Together, the projects will bring a total capacity of 35MW.

These projects offer the prospect of clean, affordable power to 1.3 billion people currently without electricity.

These projects are set to be financed in the second cycle, which is part of a commitment by Abu Dhabi to offer $350 million worth of concessional loans over seven years for renewable energy projects in developing countries