SOLOMON ISLANDS TO BENEFIT FROM U.A.E ENERGY PROJECT
The Masdar Company logo. Photo credit: masdar.ae
Solomon Islands is among four Pacific Island countries to benefit from a United Arab Emirates UAE renewable energy project fund.
The projects will be financed by a US$50 million – UAE-Pacific Partnership Fund, while Masdar, Abu Dhabi’s renewable energy company, will lead the implementation, Masdar said in an e-mailed statement.
The solar-powered projects expected to be completed by 2016, are located in the Marshall Islands, Nauru, Palau, and the Solomon Islands.
The four new projects are estimated to save one million litres of diesel fuel annually, which equals a cost saving of US$1.2 million, projected to mitigate 2,759 tons of carbon dioxide per year.
UAE Minister of State and Chairman of Masdar Dr. Sultan Al Jaber said renewable energy is one of the most cost-competitive power sources to deliver electricity to communities across the Pacific.
He made the remarks at the fifth annual assembly of the International Renewable Energy Agency (IRENA) which opened last Saturday in Abu Dhabi.
Mr Al-Jaber said the UAE has allocated more than US$700 million dollars to support the renewable energy sector in developing countries since 2009.