(MENAFN- Kuwait News Agency (KUNA)) The UAE signed Saturday partnership deals with four new Pacific island countries to implement renewable energy projects in these countries.
The four projects, worth USD 50 million, are to be financed by the UAE-Pacific Partnership Fund, Dr. Sultan Al-Jaber, Minister of State and Chairman of Masdar, a UAE-based renewable energy company, said in a press statement.
Grant funding is provided by the Abu Dhabi Fund for Development (ADFD), with the UAE Foreign Ministry managing the initiative and Masdar leading implementation, added Al-Jaber.
The four solar-powered projects, in the Marshall Islands, Nauru, Palau, and the Solomon Islands, are expected to be completed in 2016, bringing the total number of the Fund's projects to date to 10, he said.
Al-Jaber also mentioned that the new projects are to contribute in saving one million liters of diesel fuel annually, providing a cost saving of USD 1.2 million, and mitigating 2,759 tons of CO2 per year.
The partnership deals were announced during the Abu Dhabi Sustainability Week 2015, an annual event organized by Masdar, which addresses interconnected challenges of energy, water security, climate risk, and sustainable development.
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