ADFD and IRENA enter new phase of cooperation
Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) have entered a new phase of cooperation for its innovative US$350 million renewable energy development facility. The facility will be better placed for targeted and effective renewable energy investments in developing countries through US$6 million of technical and administrative support from ADFD over the next four years.
Abu Dhabi Fund for Development (ADFD), a national organisation owned by the Abu Dhabi government to manage government grants and to help emerging countries achieve sustainable development by offering concessionary loans to finance development projects in these countries, has signed a new cooperation and support agreement with the International Renewable Energy Agency (IRENA), a global hub for renewable energy cooperation and information exchange by 148 Member States and the European Union (EU), to ensure the effective allocation of the US$350 million of funds pledged by ADFD for renewable energy projects in developing countries around the world.
The IRENA/ADFD Project Facility has already allocated US$144 million worth of funds over three cycles for renewable energy, which will see 15 projects supported from the Pacific to Africa and from the Caribbean to the Middle East. Together, the projects will produce 68 MW of new renewable generating capacity.
The new agreement will see ADFD increase its support to IRENA over the next four years to provide US$ 6 million of technical and administrative support to encourage proposals from eligible countries, raise awareness, support submissions, assess projects, facilitate preliminary due diligence, explore financing options and measure progress and impact in selected countries to improve the effectiveness of the facility’s work.
– Renewable energy should be available to all. We believe that renewable energy initiatives are the key to the next chapter of sustainable development around the world as they act as underlying pieces of infrastructure that can power homes, improve the efficiency of farms, provide clean drinking water, act as the engines for new businesses and enable economic diversification. This announcement ensures we can build on the excellent start we have made in combining our international development expertise with IRENA’s renewable energy specialisms and focus on maximising our impact in the future, said H.E. Mohammed Saif Al Suwaidi, Director General, ADFD in a statement.
– Renewable energy can provide safe, clean and affordable energy while stimulating sustainable development in countries that need it most. This agreement further cements the successful partnership between our two organisations, ensuring that together we can continue to meet the developing world’s energy needs by tapping into their abundant renewable energy sources, said Adnan Z. Amin, Director-General IRENA.