Solar projects in Mauritius and Rwanda have been given a US$25 million shot in the arm.
Details of the loan package were announced today at the eighth annual Assembly of the International Renewable Energy Agency (IRENA) in Abu Dhabi. The concessional loans, supported by the Abu Dhabi Fund for Development (ADFD), will support two solar projects, one in each country.
The money, which will be provided via the IRENA/ADFD Project Facility, will facilitate projects with the power to improve the lives of 2.5 million citizens.
“For developing countries, renewable energy is a triple win: it provides a cost-effective means of providing electricity to families, fuels economic growth, and supports energy independence and security,” explained IRENA Director-General Adnan Z. Amin. “However, many developing countries have trouble accessing financing for renewable energy investment. We are delighted that our continued partnership with ADFD will provide a stable, low-cost source of financing to help Mauritius and Rwanda achieve a sustainable energy future.”