Abu Dhabi Fund for Development (ADFD), one of the UAE’s leading financial institutions, has been supporting the country’s effort towards driving energy transition at home and around the world by financing innovative renewable-energy projects. These initiatives have had powerful impact on the economies and the environment of beneficiary countries. ADFD announced recently. (Photo quoted from ADFD’s official website)

The Fund has consistently increased its portfolio of such projects, having funded 90 of them over a decade at a total value of about AED4.7 billion (US$ 1.28 billion). Cumulatively generating 9,755MW of electricity, these projects benefited 65 countries by supporting their economies and improving the quality of life.

HE Mohammed Saif Al Suwaidi, Director General of the Fund, expressed gratitude to the UAE’s leadership in investing in the just cause. “Such initiatives form the core of development and the UAE realized that years ago, which prompted it to host the headquarters of the International Renewable Energy Agency (IRENA)” he said. “Thanks to the support of our leadership, we have been able to help our partner countries to address some of their pressing challenges through innovative renewable-energy initiatives, at the same time creating many milestones in this sector.”

In 2013, ADFD in collaboration with IRENA launched an initiative with a commitment of AED1.28 billion (US$350 million) to support renewable energy projects in developing countries.Since then, the initiative led to the production of about 208MW of clean energy through 32 projects in 26 countries that gave more than a million people access to clean and affordable energy. The projects also improved health and education services, stimulated economic development and helped protect the environment.

(IR universe)