The United Arab Emirates (UAE) launched a landmark new US$50 million grant fund for renewable energy projects in Caribbean island countries. Launched by HE Reem Al Hashimy, Minister of State for International Cooperation, the UAE-Caribbean Renewable Energy Fund represents one of the largest-ever single investments in the region’s clean energy sector, as well as a significant deepening of bilateral relationships between the UAE and Caribbean countries.
The funding is provided by the Abu Dhabi Fund for Development (ADFD), with the UAE Ministry of Foreign Affairs managing the initiative and Masdar, Abu Dhabi’s renewable energy company, leading implementation. This brings UAE development assistance for renewable energy to almost $1 billion since 2013, was announced at Abu Dhabi Sustainability Week 2017.
The UAE-Caribbean Renewable Energy Fund represents a new pillar of expanding cooperation and exchange between the UAE and Caribbean.
The new fund will seek to conclude project agreements with several countries per year. Designed for flexibility, it can support renewable energy projects as both as a minority or full financier, as well as engage with both the public and private sectors. With Masdar as the technical lead, all sources of renewable energy can be considered, including solar, wind, geothermal and waste-to-energy.
