Media ININ Economy We Trust
Media IN Abu Dhabi 5th-07-2019
The grid-connected project was financed by ADFD with US$15 million under the IRENA/ADFD Project Facility and will deliver enough electricity to power the equivalent of nearly 7,000 Cuban homes.
The solar PV project contributes to the Cuban government’s national objectives to reduce the use of fossil fuels for electricity generation and increase the share of power from renewables to 24 percent by 2030. This project will mitigate around 12,700 TCO2 emissions annually.
The 10 MW Grid-connected Solar PV project, will help in reducing greenhouse gas emissions and increase the share of renewables in Cuba’s energy mix.
The project was approved for funding by ADFD during the second cycle of the IRENA/ADFD Project Facility as part of the ADFD initiative launched in 2013 with a commitment of $350 million over seven funding cycles to support renewable energy projects in IRENA-member developing countries.
To date, ADFD has provided concessionary loans cumulatively valued at $245 million to 24 renewable energy projects over six cycles of the IRENA/ADFD Project Facility.
Since its inception in 1971 until December 2018, ADFD has financed hundreds of development projects in the renewable energy sector around the world worth $1.187 billion. Driving the objectives of the UN’s SDGs, these projects have contributed to the production of about 2,584 MW of renewable energy in benefited countries.
