Abu Dhabi Fund for Development supported 90 renewable energy projects worth Dhs4.7 billion
- 25 Jan 2021
Abu Dhabi Fund for Development (ADFD) has been supporting the country’s effort towards driving energy transition at home and around the world by financing innovative renewable-energy projects. These initiatives have had powerful impact on the economies and the environment of beneficiary countries.
The Fund has consistently increased its portfolio of such projects, having funded 90 of them over a decade at a total value of about Dhs4.7 billion ($1.3 billion). Cumulatively generating 9,755MW of electricity, these projects benefited 65 countries by supporting their economies and improving the quality of life.
Mohammed Saif Al Suwaidi, Director General of the Fund, expressed gratitude to the UAE’s leadership in investing in the just cause. “Such initiatives form the core of development and the UAE realised that years ago, which prompted it to host the headquarters of the International Renewable Energy Agency (IRENA),” he said.
Collaboration with IRENA:
In 2013, ADFD in collaboration with IRENA launched an initiative with a commitment of Dhs1.28 billion ($350 million) to support renewable energy projects in developing countries.
Since then, the initiative led to the production of about 208MW of clean energy through 32 projects in 26 countries that gave more than a million people access to clean and affordable energy. The projects also improved health and education services, stimulated economic development and helped protect the environment.
In the same year, the UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC) launched the UAE-Pacific Partnership Fund with an aim to step up the UAE’s development cooperation with the Pacific island countries across a variety of sectors. The scheme supported renewable energy projects through the allocation of grants with a total value of Dhs184 million ($50 million), financed by ADFD, and implemented by Masdar. The initiative included 10 solar photovoltaic (PV) projects and one wind farm, which collectively produces a total 5.7MW energy, thus meeting most of the islands’ energy needs.
The projects produced multiple benefits, including savings of $3.77 million per year on fossil fuel, and reduction of 8,447 tonnes of carbon emission per year.
The Dhs184 million ($50 million) initiative was launched to deliver renewable energy projects across 16 Caribbean Island nations to help reduce reliance on fossil-fuel imports, increase energy access, and enhance climate change resilience. Fully financed by ADFD, the UAE-CREF is the largest renewable energy initiative of its kind in the Caribbean region. The fund is a partnership between MoFAIC, ADFD and Masdar.
The 9.4MW projects carried out by the Fund have contributed to addressing the challenges faced by Caribbean countries.
Below is a highlight of some of the important projects funded by ADFD over the past decade.
Solar PV Plant, Bahamas
The 925-kilowatt solar photovoltaic (PV) plant at Thomas A. Robinson National Stadium, which also serves as a carport with 152 parking spaces including 4 spots for families and 2 spots with fast charging electric vehicle (EV) charging stations, is the country’s first large-scale solar energy project. Developed in partnership with the Bahamas Ministry of Environment and Housing, the Dhs11 million project set a regulatory precedent for new renewable energy plants to feed into the grid.
The hybrid power plant set a strong precedent for using renewable energy to drive down energy costs on outer islands. Located on Union Island, the 600kW solar PV plant and 637 kilowatt-hour (kWh) lithium-ion battery project supplies all of the island’s daytime power needs. The Dhs550 million ($150 million) solar power plant in Quweira, financed by the Fund, generates 103 MW energy that illuminates more than 50,000 homes. It helped the Jordanian government to achieve some of the country’s key developmental priorities.
The first of its kind initiative, for which ADFD provided a concessional loan of Dhs22 million ($6 million) in 2015, aimed to address the country’s waste-management and energy challenges through the construction of facilities that would use waste in an ecofriendly manner to generate about 4MW of energy. The project covering three Islands of Vandhoo, Addu and Kulhudhuffushi.
The project recently received a certification from Global Innovation Institute (GINI), a leading international professional certification, accreditation and membership association in the field of innovation.