GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share
  • 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.


Posted by : GoDubai Editorial Team
Viewed 5185 times
Posted on : Thursday, October 5, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Masdar welcomes Luxembourg royal delegation
Next Story : Technology not a Substitute for but a Value Add to Business
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
New Must-Have Beauty Products from GOSH this October
Four UAE Designers Take Home LG Signage Design Award
Huawei unveils the long-awaited HUAWEI Mate 10 and HUAWEI Mate 10 Pro
LPG Endermologie Offers A Chronobiological Slimming Gel
Level Shoes Hosts Christian Louboutin for “Dear India”
ICONIC Youth Fashion Show Experience
Glamazle.com introduces Super Matte ‘Glambry' lip tints for the perfect pout
Diamonds Are Everyone's Best Friend! VOD Dubai International Jewellery Show 2017...
The Graham Chronofighter Vintage GMT is the tough guys' ticket to time travel
SCTDA ‘My Destination' Program Kicked Off with SUC Students
The Lacoste 12.12 Kids Collection
The Rado True Shadow - Limited edition timepiece co-created with Japanese design...
Beauty Night Is Back at Sheraton Dubai Creek
Reinventing Raymond Weil's Emblematic Chronograph - The Refined Swiss Watchmakin...
Moving on Up! Saudi Arabia to Underline Status as Regional Food Manufacturing Fo...
MICHAEL Michael Kors: Fall 2017 Sadie Large Leather Satchel
PUMA X Photographer Gunner Stahl For Autumn/Winter 2017
Dubai Chamber concludes high-level trade mission to Malta
GUESS Launches Stunning Array of Collections for Fall17
Coffee at the touch of a button with ‘Quespresso'
Introducing FitFuse by COÉGA Sunwear
Ali & Sons Audi unveils all new Q5 and SQ5 in Abu Dhabi and Al Ain
Regional Storytelling Takes Centre Stage at DIFF With Muhr Feature Category
Humaid Mohammed Al Qatami, Director General, Dubai Health Authority Officially O...
Renault KOLEOS achieves five-star Euro NCAP rating
Versace Fall/Winter 2017 Collection
Maserati Merchandise Products
More café re-opens its doors
CNN's Marketplace Middle East uncovers the DIFC's central role in Dubai's econom...
Career of Egyptian Writer Wahid Hamed to Be Honoured With Arab Lifetime Achievem...
‘brands4u', the biggest factory outlet opens in Reef Mall, Dubai
Airbus and Bombardier Announce C Series Partnership
Glambox.me - Get Glam On The Go
RAYMOND WEIL'S Freelancer Ladies - The Ideal Ally for the Modern Active Woman
The Dubai Mall celebrates Diwali with a splash of colour
Plentiful Cinema-based Activities Offered by SICFF 2017
Seagal Shows Off the Stunning Jules Verne Instrument II from Louis Moinet.
Peugeot on the Podium at Rallye Du Maroc: Ready to Tackle Dakar 2018 After a Pro...
Partnership between Roger Dubuis and Emirates Airline Foundation
Christmas just got easier with Al-Futtaim ACE
Celebrate festival of light at home with your loved ones
Kalimat Group Brings Arabic Literature to the Fore at Frankfurt Book Fair
Airline New Distribution Capability to Get Boost from ATPCO and SITA
Breast Cancer and Fertility preservation
British Security Industry Association zooms in on Mid East's US$4.8 billion comm...
Dubai Health Authority receives Canadian delegation at Dubai Future Accelerators.
Robinsons Launches the Hall of Fashion and Accessories
Trend Alert: Think Pink
Jafza named best free zone in the world for large companies
Dari Home opens in The Dubai Mall