Abu Dhabi’s ADEX seals financing agreement worth $25mn with Togo

By Shilpa Annie Joseph, Desk Reporter
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ADEX signs deal with Togo
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The Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), has signed an agreement with Togo’s Ministry of Economy and Finance to raise the production capacity of the Mohammed bin Zayed Solar Park in the country from the current 50 megawatts to 70 megawatts.

Under the agreement, the Abu Dhabi Exports Office will provide a loan of $25 million (AED92 million), while the Emirati company AMEA Power will undertake the construction and operation of the new complex. In addition, the financing will help procure 4MWh solar energy production storage system.

According to the statement, this agreement comes on the heels of a provision of $10 million (AED37 million) financing from ADEX in January this year. Thus, the total value of ADEX’s financial contribution towards Mohamed bin Zayed Solar Park in Togo amounts to $35 million (AED128.5 million).

The project is considered a major enabler of the Togolese government’s national strategy for renewable energy, as it will raise the share of renewable energy in the country’s total energy mix in 2030 and make energy more accessible to the population, with 225,000 households expected to benefit.

HE Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development and Chairman of the Executive Committee of the Abu Dhabi Exports Office, said that “the agreement supports the continuation of the contribution of Abu Dhabi Fund for Development to the Mohamed bin Zayed Solar Energy Complex in Togo, embodies its keenness to sustain partnerships with beneficiary countries, and reflects Abu Dhabi Exports Office’s determination to maintain cooperation with the country.”

“By creating an opportunity for AMEA Power, the project also supports the UAE’s economic diversification and export promotion strategy. We are equally happy to be able to promote renewable energy and innovative solutions in Togo and help its people to reduce their carbon footprint. This in turn will benefit the environment,” Mr. Al Suwaidi added.

Mr. Hussain Jassim Al Nowais, Chairman of the Board of Directors of AMEA Power, noted that the project reflected the UAE’s interest to strengthen partnerships with African countries.

“The project is in keeping with the country’s strategic objective to drive economic development and sustainability globally through the promotion of clean-energy solutions,” commented Mr. Al Nowais.

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