Emirates News Agency – Caribbean Renewable Energy Fund

ABU DHABI, May 5, 2021 (WAM) – The UAE-Caribbean Renewable Energy Fund, the largest renewable energy investment of its kind in the region, has been fully funded by the Abu Dhabi Fund for Development (ADFD). Engineering, Procurement and Construction (EPC) contract to build a $ 50 million Hurricane Resistant Clean Energy Project in Dominica.

Masdar, a global leader in renewable energy, is leading the design and implementation of a 5MW / 2.5MWh battery energy storage system construction project, which will support clean energy goals in the island nation. The system will stabilize the power grid, provide backup power and frequency control, provide an additional level of climate resilience, and mitigate the impact of extreme weather events.

The battery storage system will connect to the national grid and allow greater penetration of renewable energy from current hydropower and geothermal energy sources in the future. The Battery Only Project, partially funded by the Dominica government, is the first of its kind under the CREF program and complements current and ongoing power generation projects in Dominica, allowing a greater share of renewable energy distribution without negative impacts on the grid.

The Prime Minister of the Commonwealth of Dominica, Dr. Roosevelt Skerrit, expressed his gratitude to the government of the Emirates for this great contribution to the development of his country. “A 5 MW battery storage system will allow us to move faster to move from fossil fuels to renewable energy sources in the electricity sector,” he said. “We look forward to continuing cooperation with the United Arab Emirates in the field of sustainable development and other areas of mutual interest at the bilateral and multilateral levels.”

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The UAE and Caribbean Renewable Energy Fund was launched during Abu Dhabi Sustainability Week 2017 as a partnership between the Ministry of Foreign Affairs and International Cooperation in the United Arab Emirates and Masdar and the Abu Dhabi Fund for Development, the leading financial institution in the United Arab Emirates that spearheads national and global development projects.

Sultan Al Shamsi, Assistant Minister of Foreign Affairs and International Cooperation for International Development at the Ministry of Foreign Affairs and International Cooperation said, “The United Arab Emirates, since its inception as a state, has been committed to promoting global peace and prosperity and supporting the development of other countries. This is the last initiative within the framework of the Renewable Energy Fund of the United Arab Emirates. And by giving the people of Dominica safe access to clean and renewable energy, we are also opening the way to a more sustainable future for the world. Projects will enable us to achieve the UN Sustainable Development Goals and ensure that no one is left behind. ”

“Renewable energy projects remain at the top of our agenda as their impact is being felt at multiple levels, from trade to the environment, and as for this project, it will change the life of the company. The people of Dominica, where they will create job opportunities,” said Mohamed Saif Al Suwaidi, CEO of the Abu Dhabi Fund for Development. “They reduce energy costs, promote gender equality and build capacity. By providing the country with energy security and significantly reducing its dependence on expensive diesel fuel, it will enable Dominica to achieve its national priorities and the Sustainable Development Goals.”

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He added, “The project thus embodies the main mission of the Abu Dhabi Fund for Development to drive sustainable economic development in partner countries by investing in renewable energy projects and enhancing resource efficiency. In the face of the uncertainty that the world faces due to the Covid-19 epidemic, the United Arab Emirates remains committed to harnessing it.” The resources and expertise to build a more sustainable future for all, and the UAE CREF has given us the opportunity to advance the sustainable development agenda in the developing world and reduce carbon emissions, ”Al Suwaidi continued.

“This project will support the stability of Dominica’s power grid and enable it to achieve its goals of resilience with climate change. Dominica’s people are committed to harnessing the gifts that the earth has given them – geothermal and energy. Hydroelectricity – and away from fuel,” said Mohamed Jamil Al Ramahi, CEO of Masdar. Fossil Masdar is committed to enabling them to achieve clean energy goals and make use of our experience to demonstrate the vital role that renewable energy plays in accelerating the economic growth of societies.

As part of the UAE-CREF initiative, clean energy projects were opened in the Bahamas, Barbados, Saint Vincent and the Grenadines in March 2019. UAE-CREF intends to implement renewable energy projects in 16 Caribbean countries in three cycles to reduce energy costs, increase access to energy and improve Climatic resilience.

Translated by: Hussein Abu Al-Ela.

http://www.wam.ae/en/details/1395302932679

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