Seychelles to benefit from renewable energy fund
> Tichaona Owen Kurewa
HARARE – SEYCHELLES, a SADC member state, the Marshall Islands, Niger, Solomon Islands have been selected to receive funding for innovative renewable energy projects by the Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA).
IRENA and ADFD have set aside US$44.5 million to fund four renewable energy projects in these countries.
The fund will support a diverse set of projects including a hybrid micro-grid projects employing solar PV and advanced lithium-ion batteries, a hydropower project, integrated wind and solar, and a combination project consisting of micro-grid and solar home kits.
“Over the course of the last four years, the IRENA/ADFD Project Facility has identified path breaking renewable energy projects that are helping to expand access to energy, bolster energy security and provide sustainable, affordable energy for those who need it most,” said IRENA Director-General Adnan Z. Amin.
“Importantly, this facility is also putting in place an innovative process, which supports transformational and replicable projects that can potentially bring sustainable energy to millions of people around the world.”
Mohammed Saif Al Suwaidi, Director General of ADFD said: “ADFD is committed towards steadfast development in the renewable energy sector; it’s a crucial industry for sustainable continuity, long-term growth and constructive evolution of developing nations.”
“Over seven funding cycles, our US$350 million partnership, IRENA/ADFD Project Facility, aims to support and enhance the developing world’s energy needs by tapping into their abundant renewable energy sources,” he said.
Through the IRENA/ADFD Project Facility, selected projects would be offered concessional loans ranging from US$5 million to US$15 million per project.
Terms of the loans include interest rates of between 1 and 2 percent per annum, a tenure of 20 years and a 5-year grace period.