Abu Dhabi Fund for Development Allocates Dh64 Million for Two Renewable Energy Projects in Seychelles

Press release
Published March 12th, 2018 - 11:58 GMT
Confirming the Fund’s support, His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD signed two agreements.
Confirming the Fund’s support, His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD signed two agreements.

Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, today announced an allocation of AED64.2 million for the development of two projects in the Republic of Seychelles that will enhance the country's capacity to produce renewable energy from sustainable resources.

Confirming the Fund’s support, His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD signed two agreements, the first with His Excellency Didier Dogley, Minister of Environment, Energy and Climate Change of the Seychelles, and the second with Philip Morin, CEO of the Public Utilities Corporation in the Seychelles in the presence of His Excellency Jean-Claude Adrienne, Ambassador of the Republic of Seychelles to the UAE, as well as, Adnan Z. Amin, Director General  of the International Renewable Energy Agency (IRENA) and several officials from the Abu Dhabi Future Energy Company (Masdar).

The first agreement includes the allocation of AED31.2 million towards a solar farm that will be developed by Masdar in the island of Romainville, while the second agreement involves an investment of AED33 million for the installation of a 33kV power grid in the island of Mahé.

Speaking on ADFD’s latest synergy with the government of the Seychelles, His Excellency Mohammed Saif Al Suwaidi said: “Since 1979, ADFD has shared outstanding relations with the government of the Seychelles. We have successfully financed development projects to the tune of AED399 million across various regions in the country. These projects are focused on strategic sectors that promote sustainable economic development in the Seychelles including housing, telecommunications, transport and energy.

“Our latest initiative to fund two high-potential projects in the Seychelles validates our sustained efforts to promote the widespread adoption of renewable energy in developing countries. The funding also reiterates ADFD’s commitment to supporting the efforts of the government of the Seychelles in meeting the country’s energy needs from sustainable resources.”

Appreciating ADFD’s active role in extending development assistance to the Seychelles, His Excellency Didier Dogley said: “The two agreements we signed today will contribute to the development of the energy sector and meeting the increasing demand for electricity in the Seychelles. The Abu Dhabi Fund for Development has become one of the most important international funding organisations for its significant contribution to achieving sustainable development on a global scale. We commend its success in financing development projects across the world.”

The solar farm project in Rumenville island is financed as part of the fourth funding cycle of IRENA/ADFD Project Facility launched in 2013. The five MW project is designed to contribute to the economic and social development of the Seychelles through supporting the energy sector and increasing the share of renewable energy in the country’s energy mix. Anticipated to benefit nearly 90,000 people, the solar farm will also include storage batteries helping stabilise electricity prices in the island and reduce its dependence on biofuels.

Meanwhile, the 33kV power grid project in the island of Mahé will oversee the installation of a 12.5-kilometre line along with two feed stations to strengthen the transmission and distribution network in the northern areas. Built at an estimated cost of US$10.5 million of which US$9 million will be provided by ADFD, the project is set to meet the electricity demand driven by the growth of commercial, residential and tourism establishments on the island.

Background Information

Abu Dhabi Fund for Development

Established in 15th of July 1971, Abu Dhabi Fund for Development (ADFD)​ is an autonomous national entity affiliated with Abu Dhabi government. 

ADFD aims to help developing countries to achieve sustainable socio-economic growth; through financial assistance in the forms of concessionary loans, managing government grants and equities. ADFD also peruses investments in order to encourage the private sector in the recipient countries to play an essential part in accelerating the economic development process, and at the same time playing a pivotal role in strengthening and diversifying the future resources of the Fund.

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