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UAE-Caribbean Renewable Energy Fund in talks to fund projects

The $50 million grant fund was launched earlier this year

Gulf News

Abu Dhabi

The UAE-Caribbean Renewable Energy Fund is in talks with six Caribbean countries to fund renewable energy projects, it was announced on Tuesday.

The $50 million (Dh183 million) grant fund, which was launched earlier this year operates under the management of Ministry of Foreign Affairs and International Cooperation (MOFAIC), whereas Abu Dhabi Fund For Development (ADFD) provides the grant funding, and Masdar leads in implementation.

“The UAE-Caribbean Renewable Energy Fund, is expected to sign about four to six project agreements in its first cycle, and the second cycle talks with additional countries are anticipated by the fall of this year,” Adel Al Hosani, Director of Operations at ADFD.