Set up by Abu Dhabi Fund for Development for financial purposes, the Abu Dhabi Exports Office (ADEX), will provide loan worth AED92 million ($25 million) to augment the capacity of a solar facility in Togo, West Africa.
Towards this goal, ADEX has entered into an agreement with the Ministry of Economy and Finance in Togu to accelerate the production capacity of the Mohammed bin Zayed Solar Park, which will be raised from 50 MW to 70 MW.
As provided by the agreement, ADEX will provide additional financing, to facilitate the purchase of a 4 megawatt-hour (MWh) solar energy production storage system. Dubai-based developer and operator of renewable energy, EMEA Power execute the construction as well the operation of the new facility.
With the coming up of the solar facility, the renewable component in the energy mix of Togo will see a rise while also making energy more accessible to the people in the country. The African country is looking to curb carbon dioxide emissions by 9,500 tonnes annually.
“The agreement supports the continuation of Abu Dhabi Fund for Development (ADFD) to the Mohamed bin Zayed Solar Energy Complex in Togo,” said Mohamed Saif Al Suwaidi, Director General of ADFD.
The first phase of the project was financed last year at AED55 million.
Last month ADEX and National Bank of Iraq signed a line-of-credit agreement valued at $10 million. In July 2022, ADFD and ADEX entered into two loan agreements towards the financing of a project in Bahrain.