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ADFD approve US $25m to both Africa nations for solar pvc project that will improve their energy system.
Abu Dhabi fund for development (ADFD) has approve loans of US $10m to Mauritius and US $15m to Rwanda for the construction of a solar project in both nation. The both project is expected to improve the nations energy system.
The project in Mauritius will help the Central Electricity Board install solar PV systems on rooftops of 10,000 households which is part of the government’s efforts to alleviate poverty. The fund will benefit about 35,000 people which currently lives in low income communities especially in terms of electricity bill savings plus it will also bring 10 MW of new renewable energy capacity online that will result in savings of over US $ 35m in fossil fuel imports over the project lifetime.
The project in Rwanda is expected to contribute in the installation of 500,000 off-grid solar PV home systems that will provide clean electricity for lighting, mobile phones and radio charging across the country. It will form part of the government’s rural electrification strategy that will benefit 2.5 million people in rural communities when there is improved electricity access.
International renewable energy agency (IRENA) is expected to partner with ADFD in the project to provide a stable, low-cost source of financing to help Mauritius and Rwanda achieve a sustainable energy future. The loans cover up to 50% of project costs, leveraging additional funding from other sources.
According to IRENA Director-General Adnan Z. Amin which stated that for developing countries, renewable energy is a triple win because it provides a cost-effective means of providing electricity to families, fuels economic growth, and supports energy independence and security but the challenge is accessing financing for renewable energy investment.
ADFD decision to support solar PV projects in Africa, especially Rwanda and Mauritius is part of a broader plan to boost electricity access in Africa and consequently enhance the economy of the continent.