Financing acquired for generating energy, water from waste

Abu Dhabi Fund for Development (ADFD) has made the decision to extend a loan of US$ 14 million via International Renewable Energy Agency (IRENA) to finance a project to generate energy from waste in Addu city.

Ministry of Environment revealed that ADFD announced their decision at the 10th Assembly of IRENA currently ongoing in Abu Dhabi.

The ceremony was attended by Minister of Environment, Dr. Hussain Rasheed Hassan, Maldivian Ambassador to UAE Dr. Hassan Niyaz and senior officials from state utility company FENAKA and the environment ministry.

The plant to be established in the southernmost Addu city will aim to generate energy through the incineration of non-biodegradable waste produced in inhabited islands and resorts of Addu city, Fuvahmulah city and Huvadhu atoll.

The project was proposed to IRENA by the Maldivian Government in 2019. AFD committed concessional financing of US$ 350 million for renewable energy projects in developing countries, out of which US$ 104.5 million will be issued to eight countries in 2020. 95 countries requested for financing under the seventh loan cycle of the IRENA/ADFD project facility.