The United Arab Emirates (UAE) signed a deal with four Pacific island countries for renewable energy projects, UAE Ministry of Foreign Affairs said here on Saturday.

These projects will be financed by a 50 million-U.S. dollar UAE-Pacific Partnership Fund, while Masdar, Abu Dhabi's renewable energy company, will lead the implementation, Masdar said in an e-mailed statement.

The solar-powered projects, expected to be completed by 2016, are located in the Marshall Islands, Nauru, Palau, and the Solomon Islands.

The four new projects are estimated to save one million liters of diesel fuel annually, which equals a cost saving of 1.2 million U.S. dollars. The projects can also mitigate 2,759 tons of carbon dioxide per year.

"Renewable energy is one of the most cost-competitive power sources to deliver electricity to communities across the Pacific," said Dr. Sultan Al Jaber, the UAE Minister of State and Chairman of Masdar.

He made the remarks at the 5th annual assembly of the International Renewable Energy Agency (IRENA) which opened on Saturday in Abu Dhabi.

Al-Jaber said the UAE has allocated more than 700 million dollars to support the renewable energy sector in developing countries since 2009. Endit

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