Abu Dhabi lends $9mn for solar hybrid plant
Project will supply electricity to 123,000 people in Mali, southern Africa.
Abu Dhabi Fund for Development (ADFD) has signed an AED33mn ($9mn) loan agreement with the Government of Mali towards financing a hybrid solar energy project.
The plant will supply electricity to 123,000 people in 30 villages and reduce the cost of electricity in a country where power is mainly generated using diesel.
Mohammed Saif Al Suwaidi, Director General of ADFD, said: "Given the critical role of the renewable energy as a key enabler of sustainable development, ADFD is keen to finance vital projects in this sector to help developing countries unlock their potential.
“In line with this priority, ADFD supports countries that lack access to sufficient energy sources through enabling them to utilize their renewable sources.”
The hybrid solar project is being funded as part of the AED150.6mn ($41mn) second cycle of the ADFD/IRENA Project Facility which has provided concessionary loans to six renewable energy projects in Ecuador, Maldives, Mali, Samoa Islands, Mauritania and Sierra Leone, with a combined total capacity of 21MW.