The Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) announced funding for a selection of renewable energy projects in Guyana, Liberia and Togo as part of the sixth cycle of the IRENA/ADFD Project Facility, according to IRENA’s statement on Saturday.
The statement said that with ADFD committing $350 million over seven funding cycles to the IRENA/ADFD Project Facility since 2013, cumulative funding of $245 million to date has been provided.
"The Facility helps developing countries access low-cost capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development," the statement read.
In Guyana, a project will receive a loan of $8 million to install 5.2-megawatt (MW) grid-connected solar PV systems in the hinterland regions to reduce fossil fuel consumption and increase electricity supply reliability.
"An estimated 34,700 people in the target areas will benefit and around 120 direct and indirect jobs are set to be created throughout the project lifecycle," IRENA stated.
In Liberia, a $8 million loan will contribute to the construction of a 2.1 MW run-of-river hydropower plant on the Gee River.
The project will benefit over 30,000 people through providing a clean, reliable and affordable source of energy to households, schools, health facilities and small businesses, enhancing living conditions and helping to reduce poverty.
In Togo, a 30 MW grid-connected solar PV plant will be constructed with an investment loan of $15 million.
According to the statement, the project aims to bring clean, reliable power to around 700,000 households and small businesses and reduce greenhouse gas emissions by 9,242 tonnes per year. Local communities will benefit from greater access to drinking water, education and healthcare as well as job creation that prioritizes women.
The seventh cycle is open for summary applications until 17:00 GST on Feb. 14, 2019.
By Gulsen Cagatay