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emphasize:
- The Abu Dhabi Export Office (ADEX), set up for financial purposes by the Abu Dhabi Development Fund, will provide a loan worth AED92 million (US$25 million) to increase the capacity of a solar facility in Togo, West Africa.
- Under the terms of the agreement, ADEX will provide additional financing to facilitate the purchase of a 4 megawatt-hour (MWh) solar production storage system.
The Abu Dhabi Export Office (ADEX), set up for financial purposes by the Abu Dhabi Development Fund, will provide a loan worth AED92 million (US$25 million) to increase the capacity of a solar facility in Togo, West Africa.
To achieve this, ADEX has reached an agreement with the Ministry of Economy and Finance in Togu to accelerate the capacity of the Mohammed bin Zayed solar park, which will be increased from 50 MW to 70 MW.
Under the terms of the agreement, ADEX will provide additional financing to facilitate the purchase of a 4 megawatt-hour (MWh) solar production storage system. EMEA Power, a Dubai-based renewable energy developer and operator, is executing the construction and operation of the new facility.
With the completion of the solar facility, the renewable energy component of Togo’s energy mix will increase, while also making energy more accessible to the people of the country. The African country wants to reduce CO2 emissions by 9,500 tons per year.
“This agreement supports the continued funding of the Abu Dhabi Fund for Development (ADFD) to the Mohamed bin Zayed solar complex in Togo,” said ADFD Director General Mohamed Saif Al Suwaidi.
The first phase of the project received Dh55 million in financing last year.
Last month, ADEX and the National Bank of Iraq signed a credit line agreement worth $10 million. In July 2022, ADFD and ADEX entered into two loan agreements to finance a project in Bahrain.
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