The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) announced US 46 million in concessional loans for renewable energy projects in developing countries.
Of the 46 million dollars, Antigua and Barbuda will receive USD 15 million for a 4 megawatt wind and solar project to provide energy to desalinate water and increase climate resilience.
The project will avoid 8,275 tonnes of CO2 per year.
The Government’s Chief of Staff indicated that the funding will significantly reduce the country’s water problems in the future.
He also indicated that the energy aspect will mostly be geared towards solar energy.
The Government official also stated that increases in solar energy will incur savings on the cost of purchasing fossil fuel which would be beneficial to the economy.
Selected projects represent a mix of renewable energy sources, are all innovative, potentially replicable or scalable, and will improve energy access.
The fourth funding cycle of the Project Facility is now open for project proposals until 15 February 2016, with concessional loan interest rates of 1-2 per cent provided by ADFD. These low rates will support a broad range of renewable energy projects for the remaining four loan cycles.