Abu Dhabi fund to back hybrid solar project in Mali with USD 9m

The Abu Dhabi Fund for Development (ADFD) said over the weekend it will extend a AED-33-million (USD 9m/EUR 8m) loan to finance the development of a hybrid solar project in Mali.

ADFD is lending the funds as part of the AED-150.6-million second cycle of its project facility with the International Renewable Energy Agency (IRENA). In 2009, the Abu Dhabi fund committed to spend nearly AED 1.3 billion on renewables in IRENA member countries across seven loan cycles.

In the second cycle, announced in end-2013, ADFD is providing concessionary loans to six renewable energy projects, totalling 21 MW, in Ecuador, Maldives, Mali, Samoa Islands, Mauritania and Sierra Leone.

The size of just the hybrid solar scheme in Mali was not mentioned. It is estimated that the installation will be supplying power to 30 villages, benefiting almost 123,000 people.

(AED 1.0 = USD 0.272/EUR 0.242)

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