IRENA confirms $46m for renewables projects in the Caribbean, Africa

The International Renewable Energy Agency and the Abu Dhabi Fund for Development have announced $46 million in loans for renewable energy projects in the Caribbean and Africa.

The loan was announced on Sunday at the IRENA annual assembly in Abu Dhabi, the capital of the United Arab Emirates.

The financing package covers a wind and solar project in Antigua and Barbuda, a solar project in Burkina Faso, a solar and wind project in Cabo Verde and a solar project in Senegal.

IRENA said the four projects will deliver an estimated total renewable energy capacity of about 12 megawatts.

Adnan Z. Amin, IRENA director-general, said: "Accelerating the energy transition to renewables requires all countries to take action to develop their own local renewable energy sources."

Mr Amin added: “While renewable energy resources are abundant in many developing countries, adequate finance can still be a barrier to deployment. IRENA and ADFD's pioneering partnership contributes to overcoming this challenge, by selecting innovative projects for concessional funding."

The four projects will be funded through the IRENA/ADFD Project Facility, which has already committed $144 million to support renewable energy projects in developing countries.

Loans cover up to 50 per cent of the funding, with the remaining capital coming from banks or other partners.