Abu Dhabi Fund, IRENA Allocate $ 50 Million for Renewable Energy

Published November 15th, 2018 - 04:19 GMT
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. (Shutterstock)
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. (Shutterstock)

The Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) are calling applicants for the 7th cycle of proposals to access funding of more than US$50 million for renewable energy projects through the IRENA/ADFD Project Facility, IRENA announced on Wednesday.

IRENA said the ADFD-financed initiative is available for government-guaranteed renewable energy projects in developing countries that seek to increase energy access, improve livelihoods and advance sustainable development. 

According to the statement, ADFD has committed $350 million in concessionary loans over seven annual funding cycles for projects recommended by IRENA.

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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 megawatts of renewable energy capacity online, improving the lives of over a million people through energy access,” IRENA said and added that 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."

Summary applications for the seventh cycle will be accepted until 17:00 GST (Gulf Standard Time) on Feb. 14, 2019.


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