Masdar News

UAE announces new development and funding agreements under US$50m Caribbean Renewable Energy Fund

16 Jan 2020

Solar, hybrid battery and solar desalination projects are planned for the Dominican Republic, Haiti, Guyana, Grenada, Saint Kitts and Nevis, Trinidad and Tobago, and Suriname 
Landmark projects aim to drive economic growth, gender equality, job creation and climate resilience

Abu Dhabi, United Arab Emirates; January 15, 2020: The UAE-Caribbean Renewable Energy Fund (UAE-CREF) has entered the second cycle of its three-year plan to build climate-resilient renewable energy projects in 16 Caribbean nations, successfully completing new development and funding agreements for the Dominican Republic, Haiti, Guyana, Grenada, Saint Kitts and Nevis, Trinidad and Tobago, and Suriname.

The announcement was made at Abu Dhabi Sustainability Week 2020, one of the world’s largest sustainability gatherings, taking place this week in the UAE capital.

Under the new development and funding agreements, a solar photovoltaic (PV) carport and rooftop project will be built in the Dominican Republic; a solar PV and battery hybrid project will be developed for the village of Dondon, Haiti; a solar PV and battery hybrid plant will be constructed on the island of Wakenaam, Guyana; and a  solar PV and battery hybrid project is planned for Carriacou in Grenada. In Saint Kitts and Nevis, two solar PV desalination plants will be developed, while Suriname will receive a solar PV and battery hybrid plant and Trinidad and Tobago, a solar PV carport. 

Fully financed by Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, UAE-CREF is a partnership between the Ministry of Foreign Affairs and International Cooperation (MoFAIC), ADFD and Masdar, which is leading the design and implementation of the selected projects. 
His Excellency Sultan Al Shamsi, Assistant Minister of Foreign Affairs and International Cooperation for International Development Affairs, said: “The UAE-Caribbean collaboration comes within the framework of the UAE’s Foreign Aid Policy and five-year strategy, which is committed to assisting Small Island Developing States to achieve their national priorities and Sustainable Development Goals. In particular, ensuring access to affordable, reliable, sustainable and modern energy for all; taking urgent action to combat climate change; and achieving gender equality and empowering all women and girls. 
“It is our hope that these new agreements will enable beneficiaries to bolster their defences against climate change while further pursuing energy independence in the long term.”

His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, said: “In line with the UAE’s efforts to advance the United Nations’ Sustainable Development Goals, ADFD prioritises development in the global renewable energy sector. The Fund finances sustainable solar, wind, hydroelectric and geothermal power ventures in the beneficiary countries, especially in the Small Island Developing States.”

He added: “Today’s announcement reaffirms the Fund’s commitment to working in partnership with the governments of beneficiary countries to translate their clean energy objectives into reality. We are confident that the selected second-cycle UAE-CREF projects will go a long way in meeting the outlined energy targets and driving sustainable economic growth in the seven countries.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “Masdar is honoured to leverage its global expertise and experience in renewables to support the Caribbean’s sustainable energy transition. These landmark clean energy projects in the Dominican Republic, Haiti, Guyana, Grenada, Saint Kitts and Nevis, Trinidad and Tobago and Suriname will create jobs, boost gender equality and capacity building, reduce energy costs and reliance on expensive diesel fuels, as well as enhance climate resilience and stimulate economies.” 
The projects represent significant steps forward advancing the renewable energy ambitions of the seven countries, with the Dominican Republic targeting renewable energy generation of 25 percent by 2025 and Haiti aiming to have 50 percent of electricity from renewable sources by 2020. Guyana has set a target of 47 percent renewable electricity generation by 2027, while Grenada is aiming for 100 percent by 2030 and Trinidad and Tobago is targeting 5 percent of peak demand by 2020. 

Clean energy projects in the Bahamas, Barbados, and Saint Vincent and the Grenadines were inaugurated in March 2019, while construction is expected to begin this year in Belize, Dominica, and Antigua and Barbuda, which will see the rebuilding of the power system on hurricane-devastated Barbuda. 

International development and how it is accelerating the United Nations Sustainable Development Goals through initiatives such as UAE-CREF will be on the agenda during a high-level panel comprising HE Wilfred Arthur Abrahams, the Barbados Minister of Energy and Water Resources; HE Romauld Ferreira, the Bahamas Minister of the Environment and Housing; Adel Al Hosani, Operations Department Director, ADFD; and Khalid Ballaith, Director, Energy Services, Masdar. The panel will be held on January 15 at the Future Sustainability Summit, the anchor event of ADSW. 

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About UAE Ministry of Foreign Affairs and International Cooperation (MOFAIC) 
MOFAIC is the federal entity responsible for the international relations of the United Arab Emirates, including its development and humanitarian assistance activities. MOFAIC aims to enhance the effectiveness of foreign assistance by ensuring that UAE support is based on humanity, neutrality, impartiality and independence, and that sustainable development is central to foreign assistance.

About Abu Dhabi Fund for Development (ADFD)
Abu Dhabi Fund for Development (ADFD) is a leading national entity for economic development aid owned by the Abu Dhabi government. Established in 1971, it aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administering long-term investments and direct contributions. In addition to managing development grants offered by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy and financing UAE private sector investments. Since its inception, ADFD has marked developmental milestones in more than 95 developing countries. Spanning the last 48 years, the Fund's development projects and investments, valued at AED92 billion, have helped the international community achieve sustainable economic growth as well as drive the implementation of the United Nations’ Sustainable Development Goals (SDGs).

www.adfd.ae
AbuDhabiFund 
AbuDhabi_Fund 
AbuDhabiFund 


About Masdar
Abu Dhabi’s renewable energy company Masdar is advancing the commercialization and deployment of renewable energy, sustainable urban development and clean technologies to address global sustainability challenges. Wholly owned by Mubadala Investment Company, the strategic investment company of the Government of Abu Dhabi, our mandate is to help maintain the UAE’s leadership in the global energy sector, while supporting the diversification of both its economy and energy sources for the benefit of future generations. Masdar’s renewable energy projects are located in the UAE, Jordan, Mauritania, Egypt, Morocco, the UK, Serbia and Spain.

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