Abu Dhabi Fund to Offer $57m in Loans for Clean Energy

Abu Dhabi Fund to Offer  $57m in Loans for Clean EnergyAbu Dhabi Fund to Offer  $57m in Loans for Clean Energy

An Abu Dhabi fund said it will provide $57 million worth of concessional loans for clean energy projects in five developing countries including Iran.

The projects were aimed at bringing "reliable and sustainable power to more than 280,000 people" in Argentina, Cuba, Iran, Mauritania and St. Vincent and the Grenadines, said the Abu Dhabi Fund for Development, AFP reported. Abu Dhabi is the wealthiest of the seven sheikhdoms that make up the United Arab Emirates. The second loan cycle is part of a commitment by Abu Dhabi to provide concessional loans worth $350 million over seven years to finance renewable energy projects in developing countries.

"Renewable energy offers the prospect of clean, affordable power to the 1.3 billion people currently off the electricity grid," said the International Renewable Energy Agency (IRENA)'s director-general Adnan Amin.

Ecuador, Mali, Mauritania, Samoa, and Sierra Leone are among the countries that have already benefited from such loans.

In March last year, Abu Dhabi opened the world's largest concentrated solar power plant, which has the capacity to provide electricity to 20,000 homes