Tuesday, February 2, 2016

St Vincent and the Grenadines: Abu Dhabi Fund for Development Gives Loan to 15 MW Geothermal Power Project

Abu Dhabi’s Dh55m loan to St Vincent for geothermal power (The National)

Abu Dhabi Fund for Development (ADFD) will loan St Vincent and the Grenadines Dh55 million to set up a geothermal power station in the volcanic island country.

Working with the International Renewable Energy Agency (IRENA), the project is being funded as part of the Dh1.285 billion project facility, set up in 2012 to provide finance for renewable energy projects in developing Irena member countries.

The geothermal power plant is planned to generate 15 megawatts an hour. When finished, the plant will cut the cost of electricity generation by 25 per cent and make the grid more resilient to power cuts.