Abu Dhabi fund to back 15-MW geothermal project in St Vincent

The Abu Dhabi Fund for Development (ADFD) will lend about AED 55 million (USD 15m/EUR 13.7m) to support a 15-MW geothermal power scheme in St Vincent and the Grenadines.

ADFD has already inked a loan agreement with the Caribbean country. The project financing comes under the second loan cycle facility of the Emirati fund’s AED-1.29-billion renewables loans programme, developed jointly with the International Renewable Energy Agency (IRENA).

Once fully operational, the output of the geothermal power plant will help offset the power deficit on the islands, meeting the needs of roughly 100,000 locals. Moreover, it will lower electricity generation costs by some 25% and create jobs in the region.

The ultimate goal of the ADFD/IRENA project facility is to give developing countries access to low-cost capital for renewable energy projects. Its latest funding round was launched in mid-November last year.

(AED 1.0 = USD 0.272/EUR 0.249)

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