- US$50 million UAE-Caribbean Renewable Energy Fund seeks to bring energy security to Caribbean region
- The UAE-Caribbean Renewable Energy Fund is one of the largest renewable energy initiatives in the Caribbean region
Abu Dhabi, UAE: 5 October, 2017: Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, has signed an agreement with Abu Dhabi's renewable energy company, Masdar to finalise financing and to bolster collaboration in implementing projects within the framework of the ADFD-funded US$50 million UAE-Caribbean Renewable Energy Fund.
Through this renewable energy fund, which is being managed by the Ministry of Foreign Affairs and International Cooperation (MOFAIC), the UAE is supporting sustainable economic and social development across the Caribbean by helping countries to maximize their vast natural potential for resilient, commercially viable renewable energy.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and Mohamed Jameel Al Ramahi, CEO of Masdar, signed the agreement at the ADFD headquarters in Abu Dhabi. Representatives of senior management from the two parties were also present at the signing.
Highlighting the positive impact of the UAE's renewable energy initiative on the overall socio-economic situation in the Caribbean region, His Excellency Mohammed Saif Al Suwaidi said: “Launched in January 2017, the US$50 million UAE-Caribbean Renewable Energy Fund is a prime example of the partnership between our country and the Caribbean island nations. The UAE's vision of spearheading sustainable development across the globe has paved the way for the use of renewable energy in developing countries, leading to long-lasting economic growth and energy security.”
Speaking on the new synergy, he added: “This agreement is a momentous step forward for Abu Dhabi entities working together to develop the energy sector in 16 Caribbean island countries for the next two to three years.”
His Excellency Ali Ozair Al Shafar, Permanent Representative of the UAE to the International Renewable Energy Agency (IRENA), UAE Ministry of Foreign Affairs and International Cooperation (MOFAIC), said: “As we continue to build on the UAE's vital relationships with the Caribbean island countries, this agreement marks another significant milestone for the UAE-Caribbean Renewable Energy Fund – one of the largest renewable energy grant initiatives in the Caribbean region. In line with the United Nations' Paris Climate Agreement and Sustainable Development Goals, the Fund helps advance the sustainability agenda across the globe.”
Mohamed Jameel Al Ramahi, CEO of Masdar, commented: “The completion of the funding agreement is a key milestone which demonstrates the excellent ongoing collaboration between MOFAIC, ADFD and Masdar. The need for these projects is more vital than ever in order to support communities in the Caribbean which have been devastated by hurricanes.
“We now look forward to building on the practical experience and lessons learned from the UAE Pacific Partnership Fund, which recently completed projects in 11 Pacific island countries. We also have the opportunity to harness some of the latest advances in technology, such as battery storage, to maximise the impact of every project.”
The UAE-Caribbean Renewable Energy Fund is one of the largest renewable energy initiatives in the Caribbean region. Cycle one of the fund includes projects in Antigua & Barbuda, Bahamas, Barbados, Dominica, St. Vincent and the Grenadines, with a focus on delivery of solar PV and battery storage technologies. Furthermore, it seeks to share knowledge and experience in designing, implementing, and managing renewable energy projects that can help reduce the high cost of energy in the region.
The UAE-Caribbean Renewable Energy Fund is a partnership between the UAE Ministry of Foreign Affairs and International Cooperation (MOFAIC), the manager of the initiative; the Abu Dhabi Fund for Development (ADFD), which has provided the grant funding; and Masdar, which is responsible for the projects' development and execution.