The most recent stage of the successful United Arab Emirates-Pacific Partnership Fund (UAE-PPF) involved completing a solar power project that included three new solar PV plants in Vanuatu in the South Pacific.
This is the sixth Pacific project that is designed to improve local energy security as well as economic growth in the area.
The UAE-PPF initiative, which costs $50 million, is under the management of Masdar, a renewable energy company based in Abu Dhabi. Masdar has closely collaborated with the Ministry of Foreign Affairs in the UAE.
Installing the three plants marks another milestone achievement for this ground-breaking partnership and initiative. It has brought international attention to the project, bringing with that attention the possibility of investments from surrounding countries.
The project may be a potential model that could help developing nations around the world develop their own solar power plant project.
“Secure sources of clean energy are becoming an increasingly critical component of economic and social development,” Masdur CEO Mohamed Jameel Al Ramahi said. “Island nations in the Pacific are especially vulnerable to some of the highest fuel costs in the world due to their dependence on imports. By helping to alleviate their energy burden, we are enabling these Pacific nations to allocate more of their resources to accelerating economic growth and maximizing the potential of their inhabitants.”
“The continued success of the United Arab Emirates-Pacific Partnership Fund is tangible evidence of Masdar ‘s ability to develop workable renewables solutions and deploy them in the service of the UAE’s bilateral partnerships with countries around the world,” Al Ramahi said. “We have already helped to make a real difference in the six countries we are currently partnering, and we believe this partnership fund could provide a model for similar agreements around the world.”
