ADFD Finances Hydropower Project in Argentina
Argentina,08 Feb 2016
Abu Dhabi Fund for Development (ADFD) signed an AED55 million (US$15 million) loan agreement with Argentina to finance the construction of the Nahave Hydropower project in the north of the country. The project financing agreement was formalized at a ceremony attended by His Highness Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and Her Excellency Susana Malcorra, Argentina's Foreign Minister. Designed to generate 4 megawatts of clean energy and feed electricity into the national grid, the project will supply drinking water to the residents of Nahave and surrounding areas in Neuquen province and irrigate 200 hectares of prime agricultural land across the north of Argentina.
The project is being funded as part of the AED1.285 billion (US$350 million) ADFD/IRENA project facility announced in 2012 to provide concessional financing for renewable energy projects in developing countries affiliated to International Renewable Energy Agency (IRENA).