ADFD allocates USD25 Million for 2 Solar power projects in Mauritius and Rwanda

Abu Dhabi Fund for Development (ADFD) stated that the company along with the International Renewable Energy Agency (IRENA), the global platform for international cooperation on renewable energy, allocated USD25 million  for two solar PV projects, one each in Mauritius and Rwanda.

Declared at the eighth Session of the IRENA Assembly, the projects have the power to revolutionize the lives of nearly 2.5 million people by mitigating poverty ensuring cost- effective energy to low earning households. It can facilitate sustainable development by enhancing health and education routing air pollution.

Mohammed Saif Al Suwaidi, Director General of ADFD, said: “Our collaboration with IRENA articulates ADFD’s core mandate to support sustainable economic and social progress across developing countries through financing development projects that serve vital economic sectors. ADFD priorities renewable energy as a catalyst for inclusive economic and social development.”

Mauritius witnessed that the ADFD loan of  USD10 million will help the Central Electricity Board install solar PV systems on rooftops of 10,000 households as part of the government’s efforts to alleviate poverty while advancing its efforts to attain 35% renewable energy target set by 2025. An estimated 35,000 people in low income communities is likely to be advantaged.

In Rwanda, the ADFD loan of USD 15  million will contribute to the installation of 500,000 off-grid solar PV home systems across the country, providing clean electricity for lighting, mobile phone and radio charging. In line with the government’s bid to met out electrification in rural areas at economically viable rates in Africa.

Image Source- International Renewable Energy Agency