ADFD to lend USD 15m for 10-MW solar project in Cuba

Abu Dhabi Fund for Development (ADFD) has offered a AED-55-million (USD 15m/EUR 13.3m) concessionary loan to the government of Cuba for the development of a 10-MW solar project in the country.

The renewable energy project, valued at a total of AED 110.2 million, envisages installing silicon photovoltaic (PV) panels at sites in the provinces of Matanzas, Santasbertos, Kmagoy and Sandicocopa. In addition to creating job positions, the scheme will also lower the cost of energy generation in Cuba, ADFD said on Wednesday.

The project will be realised as part of the Cuban government’s strategy to install some 400 MW of solar power capacity by 2020. It will be financed under the second cycle of the ADFD-IRENA project facility, which was unveiled in January 2015.

In 2009, ADFD committed to provide AUD 183 million worth of loans per year to fund renewable energy projects in IRENA member countries.

(AED 1.0 = USD 0.272/EUR 0.242)

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