Abu Dhabi Fund for Development announces financing for two projects including solar farm
Abu Dhabi Fund for Development (ADFD), the national entity for development aid, has announced an allocation of AED64.2 million ($17.4 million) for the development of two renewable energy projects in the Republic of Seychelles.
The first agreement includes the allocation of AED31.2 million towards a solar farm that will be developed by Masdar in the island of Romainville, while the second agreement involves an investment of AED33 million for the installation of a 33kV power grid in the island of Mahé.
Mohammed Saif Al Suwaidi, director general of ADFD, said: "Since 1979, ADFD has shared outstanding relations with the government of the Seychelles. We have successfully financed development projects to the tune of AED399 million across various regions in the country.
“Our latest initiative to fund two high-potential projects in the Seychelles validates our sustained efforts to promote the widespread adoption of renewable energy in developing countries. The funding also reiterates ADFD’s commitment to supporting the efforts of the government of the Seychelles in meeting the country’s energy needs from sustainable resources.”
Didier Dogley, Minister of Environment, Energy and Climate Change of the Seychelles, added: “The two agreements we signed today will contribute to the development of the energy sector and meeting the increasing demand for electricity in the Seychelles.
"The Abu Dhabi Fund for Development has become one of the most important international funding organisations for its significant contribution to achieving sustainable development on a global scale.”
The solar farm project in Rumenville island is financed as part of the fourth funding cycle of IRENA/ADFD Project Facility launched in 2013. The 5MW project is expected to benefit nearly 90,000 people.
The 33kV power grid project in the island of Mahé will oversee the installation of a 12.5km line along with two feed stations to strengthen the transmission and distribution network in the northern areas. The project is set to meet the electricity demand driven by the growth of commercial, residential and tourism establishments on the island.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.