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ADFD and IRENA Launch Final Round of Funding for Renewable Energy Projects

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The Abu Dhabi Fund for Development and IRENA are inviting applications for more than $50 million in funding through the IRENA/ADFD Project Facility. The ADFD-financed initiative is available to government-guaranteed renewable energy projects in developing countries that seek to increase energy access, improve livelihoods and advance sustainable development.
ADFD and IRENA Launch Final Round of Funding for Renewable Energy Projects
Courtesy of ADFD

ADFD has committed $350 million (AED1.285 billion) in concessionary loans over seven annual funding cycles to renewable energy projects recommended by IRENA. The facility welcomes proposals for projects – especially those submitted by ministries, public utility entities and rural electrification agencies – that are able to obtain a government guarantee for the ADFD loan.

“Renewable energy can have a powerful impact on the livelihoods of people across the globe,” said IRENA Director-General Adnan Z. Amin. “It is the most cost-competitive option to expand access to energy and improve socioeconomic welfare while creating jobs and empowering local communities.

Now in its seventh funding cycle, the IRENA/ADFD Project Facility has a proven track record of driving positive change through renewable energy deployment, supporting developing countries to benefit from the energy transformation.”

In the first five cycles, the IRENA/ADFD Project Facility allocated $214 million to 21 renewable energy projects across the globe, covering up to 50 percent of the project costs.

The efforts will bring more than 100 MW of renewable energy capacity online, improving the lives of over a million people through energy access. Spanning Asia, Africa, Latin America and Small Island Developing States, the projects encompass the complete spectrum of renewable energy sources – wind, solar, hydro, geothermal and biomass – and technologies. To fulfill its commitment to contributing a total of $350 million towards sustainable development, ADFD will allocate all outstanding funds by the seventh and final cycle. The projects selected for the sixth funding cycle will be announced in January 2019. Summary applications for the seventh cycle will be accepted until 17:00 GST on 14 February 2019.

 

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