Abu Dhabi Fund for Development finances renewable energy project in Cuba

ADFD CubaAbu Dhabi Fund for Development (ADFD), Cuba’s Ministry of Energy and Mines and International Renewable Energy Agency (IRENA) have inaugurated a 10MW solar PV project

The grid-connected project was financed by ADFD with US$15mn under the IRENA/ADFD Project Facility and is expected to deliver enough electricity to power the equivalent of nearly 7,000 Cuban homes.

The solar PV project contributes to the Cuban government’s national objectives to reduce the use of fossil fuels for electricity generation and increase the share of power from renewables to 24 per cent by 2030. This project aims to mitigate around 12,700 tonnes of CO2 emissions annually.

Mohammed Saif Al Suwaidi, director general of ADFD, said, “The Fund’s interest in the renewable energy sector reflects its dedication to supporting international efforts to achieve the outlined energy priorities of developing countries and the UN’s SDGs, as well as contribute in meeting global climate targets.”

Bader Almatrooshi, UAE Ambassador to Cuba, commented, “As an active member of the international community and under the leadership of the UAE President HH Sheikh Khalifa bin Zayed Al Nahyan, the UAE proactively supports global efforts to achieve the outlined objectives of the UN’s Sustainable Development Goals (SDGs).”

He added, “The UAE and Cuba enjoy long-standing and robust bilateral relations. This project is a testament to cross-border collaboration in supporting transformative renewable energy projects across the world.”

The project was approved for funding by ADFD during the second cycle of the IRENA/ADFD Project Facility as part of the ADFD initiative launched in 2013 with a commitment of US$350mn over seven funding cycles to support renewable energy projects in IRENA-member developing countries.

IRENA director-general Francesco La Camera explained, “This 10MW project sets Cuba on a positive pathway to meeting these objectives and demonstrates that through strategic cooperation we can inject momentum into the energy transition.”

ADFD has provided concessionary loans cumulatively valued at US$245mn to 24 renewable energy projects over six cycles of the IRENA/ADFD Project Facility.

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

twn Are you sure that you want to switch to desktop version?