(MENAFN) An investment of $25 million in Abu Dhabi Fund for Development's (ADFD) concessional loans has been approved by it, in affiliation with the International Renewable Energy Agency (IRENA), targeting a couple of solar photovoltaic projects in Mauritius and Rwanda.
The projects are part of the 2013 seven-year plan worth $350m million, IRENA/ADFD Project Facility, which targets providing economical capital to developing countries for renewable energy projects.
"For developing countries, renewable energy is a triple win: It offers a cost-effective means of supplying electricity to families, fuels economic growth, and supports energy independence and security. However, many developing countries have trouble accessing funding for renewable energy projects. Our continued partnership with ADFD will provide a stable, low-cost source of financing to help Mauritius and Rwanda achieve a sustainable energy future," IRENA director general Adnan Z. Amin stated.
"At ADFD, we believe that through the large-scale promotion of renewable energy projects in countries with immense clean energy potential, we can contribute to long-term economic prosperity across the word. We are confident that the latest projects selected for funding in Mauritius and Rwanda will deliver sizeable benefits for the local communities," ADFD Director General His Excellency Mohammed Saif Al Suwaidi confirmed.
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