ADFD, IRENA open 7th funding round for renewable energy projects
Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) are inviting applications for more than US$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.
Renewable energy can have a powerful impact on the livelihoods of people across the globe. It is the most cost-competitive option to expand access to energy and improve socio-economic 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, said IRENA Director-General Adnan Z. Amin.
ADFD has committed US$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.
Since its launch in 2012, the IRENA/ADFD Project Facility has continued to deliver on the UAE’s promise to introduce renewable energy solutions in developing countries as a sustainable and long-term alternative to conventional energy sources. Advancing the renewable energy sector helps achieve the UN’s Sustainable Development Goals, as well as create jobs and stimulate economic growth. We are proud of the milestones this facility has marked, and look forward to receiving cutting-edge and impactful applications for the seventh and final funding cycle, said His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD.
In the first five cycles, the IRENA/ADFD Project Facility allocated US$214 million to 21 renewable energy projects across the globe, covering up to half 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 fulfil its commitment to contributing a total of US$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.