IRENA, ADFD to back 35 MW of green projects globally

The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) will lend USD 57 million (EUR 49m) in total to support 35 MW of renewable power projects in developing countries.

IRENA and ADFD said on Sunday they will provide the loans to five green projects in Argentina, Cuba, Iran, Mauritania and St Vincent and the Grenadines. The pair noted that this is the second such financing as part of a seven-cycle programme worth a total of USD 350 million. All projects that will be financed under the specific scheme have an estimated value of some USD 800 million.

The parties will back a 10-MW solar project in Cuba with a USD-15-million loan and a 4-MW mini-hydro development in Argentina with a further USD 15 million. Just as much will also go for a geothermal project in St Vincent and the Grenadines with a capacity of between 10 MW and 15 MW.

In Iran, IRENA and ADFD are lending USD 6 million for a 5-MW small-scale geothermal project. They are also supporting a 1-MW hybrid installation in Mauritania with USD 6 million. This last scheme will combine solar, wind and hydropower capacity.

The third financing cycle under the funding programme is now open for project proposals.

(USD 1.0 = EUR 0.861)

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