The Abu Dhabi Fund for Development (ADFD) and International Renewable Energy Agency (IRENA) have given Liberia a loan of US$8 million to implement a solar renewable energy project in southeastern River Gee County.
Togo and the South American nation of Guyana are two other beneficiaries of the ADFD/IRENA loan scheme in the area of renewable energy.
Liberia’s loan under the project will facilitate the construction of a 2.1 megawatt run-of-river hydropower plant on the Gee River that will benefit some 30,000 rural inhabitants.
Togo is expected to bag US$15 million as loan for the construction of a 30 megawatt grid-connected solar PV plant, while Guyana will receive US$8 million loan under the same project for the installation of a 5.2 megawatt (MW) grid-connected solar PV systems in the hinterland regions to reduce fossil fuel consumption and increase the reliability of electricity supply.
An estimated 764,700 people are expected to benefit from the ADFD/IRENA project across the three countries of which Togo amounts for 700, 000 people, Guyana 34,700 and Liberia 30,000.
The US$31 million, which represents the sixth cycle of the project, is part of the US$350 million committed by ADFD to IRENA for over seven funding cycles under the IRENA/ADFD Project Facility since 2013.
The US$31 million project in Liberia, Togo and Guyana is aimed at affording developing countries opportunities to access low-cost capital for renewable energy projects in order to increase energy
access, improve livelihoods and advance sustainable development.
“We are proud of our result-oriented Facility that has supported replicable, scalable and potentially transformative renewable energy projects set to benefit communities and improve their living
conditions,” said Mohammed Saif Al Suwaidi, Director General of ADFD, noted.
For His part, the Director General of IRENA, Adnan Z. Amin, indicated that the projects selected this year will contribute towards meeting national energy access targets and will transform lives for the
better.”
“They will take advantage of cost-effective renewable energy to help reduce poverty, enable income-generating activities, and provide electricity to healthcare facilities and educational institutions, which will create jobs, empower women, and strengthen local communities,” said Amin.
TSS/abj/APA