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ADEX, Abu Dhabi Exports Office signed an agreement to increase the production capacity of the Mohammed bin Zayed Solar Park from its current 50 megawatts with Togo’s Ministry of Economy and Finance. The financing will also be used to purchase a 4MWh storage system for solar energy production.
The agreement provides for ADEX to provide a loan amounting to AED92 million and for the Emirati company EMEA Power to construct and operate the new complex.
This agreement follows a January financing of AED37 million from ADEX. The total amount of ADEX’s financial contributions towards Mohamed bin Zayed Solar Park, Togo is AED128.5 Million.
This project is a key enabler for the Togolese government’s national strategy in renewable energy. It will increase the proportion of renewable energy within the country’s total energy mix by 2030. Additionally, it will make energy more available to people. 225,000 households are expected to be able to benefit from the project.
H.E. Al Suwaidi said, “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. This is also an important step towards enabling Emirati companies to increase their presence in the global market. 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.”
H.E. Al Nowais said 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,” he said.
H.E. Al Nowais also emphasized the contribution of ADFD to the solar energy project. He said that it would have a “tangible effect on Togo’s development efforts.”
Abu Dhabi Fund for Development funded the first phase, Mohammed bin Zayed Solar Energy Complex in 2021 at an estimated value of AED55 million. Mohammed bin Zayed Solar Energy Complex’s goal is to reduce CO2 emissions by 9,500 tonnes per year, speed up the country’s transition towards renewable energy sources, increase sustainable economic growth in Togo, and create hundreds more jobs for local residents.