Record financing for renewable energy projects and Ukraine’s participation in the 10th IRENA Assembly

One of the important results of the IRENA 10th Assembly was the announcement of the Abu Dhabi Development Fund (ADFD) to allocate about $ 105 million to 8 renewable energy projects for developing countries. The announcement marks a record level of funding for any cycle since the facility was launched and will provide funding for projects in Antigua and Barbuda, Burkina Faso, Chad, Cuba, the Maldives, Nepal, Saint Lucia and Saint Vincent and the Grenadines.

Solar energy projects will receive $ 65.5 million and their capacity will be 34.5 MW. Other funds ($ 39 million) will be earmarked for the construction of a hybrid power plant (solar and wind) in Antigua and Barbuda, a waste-to-energy plant project in the Maldives and a biogas digesters in Nepal. All these funded projects will benefit 330,514 households.

According to IRENA, the total funding to date to US$350 million, in line with the commitment made by ADFD across seven funding cycles to IRENA recommended projects.

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“The provision of capital to support the adoption of renewable energy is key to low-carbon sustainable economic development and plays a central role in bringing about positive social outcomes”, commented Francesco La Camera, General Director of IRENA on ADFD’s announcement of record funding.

According to him, the record levels of funding announced in this cycle of the facility will not only support the eight chosen countries in their pursuit of energy and climate plans but will also further global ambitions to build a sustainable future.

In turn, Ukraine does not leave ambition aside and participated in the 10th IRENA Assembly. The main focus of participation Ukrainian delegation, headed by the Minister of Energy and the Environment Protection, Oleksiy Orzhel, discussed the cooperation with IRENA in the renewable energy field and its support for amending the legislation on the development of RES in Ukraine.

Francesco La Camera, General Director of IRENA with Oleksiy Orzhel, Minister of Energy and the Environment Protection of Ukraine
Photo: Ministry of Energy and Environmental Protection of Ukraine

Oleksiy Orzhel also met with Kadri Simson, European Commissioner for Energy and discussed CO2 emissions reductions. Europe has recently adopted the Green deal and set an ambitious goal of being climate neutral.

That’s why the EU is paying particular attention to the development of RES. In Ministry of Energy and Environmental Protection said that Ukraine, in turn, is also developing the concept of a “green” energy transition and introducing a CO2 tax, which it plans to use for energy efficiency measures. 

“Ukraine’s participation in the IRENA Assembly is very important because over the last few years we have been watching the rapid development of clean energy. In 2019, more than 4,500 MW of new green electricity capacity was put into operation. This not means only benefits the economy, the environment, but also some challenges. Exactly IRENA has the best practices in the world and can help. We are already actively cooperating. With IRENA experts have developed, in particular, an auction law.”, commented Ukraine’s participation in 10th IRENA Assembly Yuriy Shafarenko, director of the Department of renewable energy sources SAEE.

Ukrainian delegation in 10th IRENA Assembly

The issues of new regulatory conditions for the industry and potential risks will be the focus of the main Solar Energy Conference CISOLAR 2020 that will be held on the 7th of April at the Fairmont Hotel (1 Naberezhno-Khreshchatytska Street, Kyiv). This year, the event will bring together more than 500 delegates and outstanding speakers from 40+ countries.

Registration at the CISOLAR 2020 Conference is already open: conference.cis-solar.com

CISOLAR 2020

Early Bird registration has the biggest discounts (up to -40%) and valid until February 1st, reserve your seat!

Sources:

IRENA

Ministry of Energy and Environmental Protection

SAEE

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