The Abu Dhabi Exports Office (Adex), an agency under the Abu Dhabi Fund for Development (ADFD), has signed a Dh92 million ($25 million) financing agreement with Togo to boost the capacity of the Mohamed bin Zayed Solar Park in the West African country's Central Region.
Adex will be providing the loan and Dubai-based clean energy company Amea Power will manage the construction and operation of the 50-megawatt energy complex, Adex said on Thursday.
The solar park complex is expected to power about 225,000 households, reduce up to 9,500 tonnes of carbon dioxide emissions a year and create hundreds of jobs, Adex said.
The agreement was signed by Mohamed Al Suwaidi, director general of the ADFD and chairman of Adex's executive committee, and Sani Yaya, Togo's Minister of Economy and Finance.
The deal is an “important step towards enabling Emirati companies to increase their presence in the global market … the project also supports the UAE's economic diversification and export promotion strategy”, Mr Al Suwaidi said.
The solar park is expected to play a major role in Togo's national strategy for renewable energy.
The government intends to generate about half of its power from clean sources by 2030, according to the International Renewable Energy Agency (Irena).
The new financing agreement comes after Adex funded the project to the tune of Dh37 million in January, taking the agency's total contribution to Dh129 million. The project was set up in 2021 under the Irena-ADFD Project Facility.