Adnan Z. Amin Image Credit: Abdul Rahman/Gulf News Archives

London:The International Renewable Energy Agency and the Abu Dhabi Fund for Development will provide $46 million in loans to build four clean-energy projects in Africa and the Caribbean.

The projects include a 4-megawatt wind and solar plant in Antigua and Barbuda, a 3.6-megawatt solar minigrid in Burkina Faso, a 2-megawatt solar and wind facility in Cape Verde and a 2-megawatt solar minigrid in Senegal, the Abu Dhabi-based agency said in an emailed statement.

They will be financed by a joint project facility of Irena and ADFD, which has a total sum of $350 million to develop renewables in emerging economies. It has already invested $144 million in three separate increments.

The partners provide concessional loans that can fund up to 50 per cent of a project. The remainder is co-financed by banks, financial institutions and other development agencies. The fourth funding cycle of the project facility is now open for proposals until Feb. 15 with loans with an interest rate of 1 to 2 per cent, Irena said.

“While renewable energy resources are abundant in many developing countries, adequate finance can still be a barrier to deployment,” Irena Director-General Adnan Aminsaid at a press conference at the agency’s sixth assembly.