The Abu Dhabi Future Energy Company (Masdar) broke ground on 3 renewable energy projects in the Caribbean financed by the United Arab Emirates-Caribbean Renewable Energy Fund (UAE-CREF) on November 6, 2018. Masdar is the project manager and implementing lead for the 3 projects.
Masdar says total output of the solar power plants will be 2.35 MW, representing an annual diesel fuel saving of at least $1.1 million once these are commissioned by Q1/2019. It has factored in the impact of hurricanes and says these projects are being built to elevate storm standards and located in less exposed areas.
A partnership between the UAE Ministry of Foreign Affairs and International Cooperation (MOFAIC), ADFD and Masdar, the $50 million UAE-CREF is fully financed by the Abu Dhabi Fund for Development (ADFD) and is the largest renewable energy initiative of its kind in the Caribbean. This partnership aims to deploy clean energy projects in 16 countries over the next 3 years.
"The projects being delivered through the Fund will be engineered to meet the specific needs of each host country, and make an important contribution to the emergence of a commercially viable renewables sector in the Caribbean and the Latin America region," said Masdar CEO, Mohamed Jameel Al Ramahi.