ADFD offers $14m loan for waste-to-energy plant in Maldives

WCN Editorial Team 13 Dec 2021 ASIA ENERGY & UTILITIES

Abu Dhabi Fund for Development (ADFD) has agreed to provide $13.9m (AED51.4m) loan to develop a new waste-to-energy plant on Ado Island in the Maldives.

Selected under ADFD-IRENA Project Facility, the new facility will generate 1.5MW of power to supply electricity to over 6,000 homes in Ado as well as the surrounding islands.

The waste conversion and water treatment facility will reduce 10% of the total waste volume on the island.

It will also help to reduce reliance on fuel imports, strengthen the energy sector, and create job opportunities through construction, operations, and maintenance of the facility.

This will contribute to the waste management strategy, economic development strategy and climate action targets of Maldives.

ADFD stated that the loan will cover 50% of the total estimated development cost of the project, which is $28m (AED102.8m).

The facility represents the second waste-to-energy project supported by the government agency in the Maldives.

ADFD director general Mohammed Saif Al Suwaidi said: “This project is significant as it represents the core purpose of the Fund on many levels. It advances ADFD’s commitment to support UAE’s climate action and renewable energy goals while providing the people of Ado with a sustainable renewable energy source that also addresses local waste management challenges.

“Financing this project reflects the Fund's commitment to supporting the renewable energy sector in developing countries, which will positively affect sustainable economic development for these countries.

“This waste-to-energy project is an important step in supporting the Maldives government’s strategy aimed at increasing the proportion of clean energy production and reducing dependence on electricity production from fossil fuels by a large percentage. It is the second project funded by ADFD in the field of waste-to-energy in Maldives.”

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The signing ceremony for $14m to support development of new waste-to-energy plant on Ado Island. Credit: ADFD.

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