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  • 10-11-18

    3 renewable energy initiatives under UAE-CREF break ground

    (MENAFN) The UAE was announced to have kicked off the first three renewable energy initiatives secured under its agreement with the Caribbean Renewable Energy Fund (UAE-CREF) at a value of USD50 million.

    The UAE Ministry of Foreign Affairs and International Cooperation (MOFAIC) declared the deals to have been launched in the Bahamas, Barbados and Saint Vincent & the Grenadines.

    The UAE-CREF is considered as the most major renewable energy project to commence in the Caribbean, with the help of Abu Dhabi Fund for Development (ADFD) which funded the project.

    "These renewable energy projects underway in the Bahamas, Barbados and St Vincent and the Grenadines further make the business case for sustainable development and UAE-Caribbean cooperation," stated UAE Minister of State for International Cooperationm, Reem Al Hashimy.

    "They will create jobs and reduce energy costs to stimulate the local economy, while also incorporating concrete measures to address the reality of climate and hurricane risk," Al Hashimy added.

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