ADFD and IRENA invite application for renewables funding for developing countries
The Abu Dhabi Fund for Development (ADFD) and the international Renewable Energy Agency (IRENA) are inviting applications for renewables energy projects in developing countries. The ADFB fund is in its sixth of seven US$50 million rounds, with the maximum sum of US$350 million to be reached in the next round of funding within the established IRENA and ADFD framework.
“In just the last few years, renewable energy has emerged as one of the most economical choices for new power generation in countries around the globe. Accelerated renewable energy deployment in developing countries expands access to energy, improves health and welfare, creates jobs and drives economic growth,” said IRENA Director-General Adnan Z. Amin. “This new funding cycle provides greater opportunity for developing countries to access low cost capital for renewable energy projects to drive the energy transformation and achieve sustainable development. The continued partnership between ADFD and IRENA connects a stable and reputable source of funding to places where it can have the most impact and where financing is one of the greatest challenges.”
For his part, His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, said: “Since the announcement of the first funding cycle of the IRENA/ADFD Project Facility back in 2014, this unique partnership has continued to support replicable, scalable and economically feasible renewable energy projects in developing countries.”
He added: “The five previous cycles have attracted a host of impressive, innovative and sustainable projects that go a long way in enhancing energy security worldwide. Following their contibution in advancing the global sustainability mandate, we are delighted to open funding for the sixth cycle and continue our journey of socio-economic growth.”
Sustainable and affordable energy is provided to millions of people though the IRENA/ADFD Project Facility. The first four cycles ensured that $189 million was allocated to 19 renewable energy ventures across the globe, while covering 50% of the project costs. The loan approval process saw both firms conduct a thorough assessment of entries in close collaboration to select projects that best fulfilled the eligibility criteria.
The first four cycles have brought 100 MW of renewable energy online and improved the lives of over a million people by giving them better access to electricity. The project spans throughout Asia, Africa, Latin America, and Small Island developing states while utilizing the complete array of alternative energy sources and a wide range of systems such as hybrid, off-grid, mini-grid,N on-grid and backup storage.