Home >> Energy and Industry

ADFD, IRENA Open New Round of Funding for Renewable Energy Projects in Developing Countries, Invite Applications

Thursday, November 16, 2017/ Editor -  


Home >> Energy and Industry

ADFD concessional loans will fund transformative renewable energy projects in developing countries

Abu Dhabi, UAE, 16 November 2017:  The International Renewable Energy Agency (IRENA), in partnership with the Abu Dhabi Fund for Development (ADFD), is inviting applications for renewable energy projects in developing countries. Within the framework of the ADFD-funded US$350 million (AED1.285 billion) IRENA/ADFD Project Facility, the current funding round of US$50 million in concessional loans marks the sixth of seven annual cycles.

“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.”

Funding from ADFD, provided through the IRENA/ADFD Project Facility, offers sustainable and affordable energy to millions of people with limited or no access to electricity. In the first four cycles, the Facility allocated US$189 million to 19 renewable energy ventures across the globe, covering up to 50 per cent of the project costs. The loan approval process saw ADFD and IRENA conduct a thorough assessment of entries in close collaboration to select projects that best fulfilled the eligibility criteria.

The ventures funded in the first four cycles will bring online more than 100 megawatts of renewable energy capacity and improve the livelihoods of over a million people through providing better access to energy. Spanning Asia, Africa, Latin America and Small Island Developing States, the projects span the complete spectrum of alternative energy sources – wind, solar, hydro, geothermal and biomass – and utilize a wide range of systems, such as hybrid, off-grid, mini-grid and on-grid including backup storage.

The projects selected for the fifth funding cycle will be announced in January 2018.

Applications for the sixth cycle will be accepted until 17:00 GST on February 15, 2018.

Previous in Energy and Industry

Next in Energy and Industry

Home >> Energy and Industry Section

Latest Press Release


International Golden Group (IGG) announces participation at forthcoming Saudi Na ...

Pegaga Gas Development in Malaysia Approved

Caparol Paints unveils colours for the season

Abdulla Al Ghurair Foundation for Education and Arizona State University Partner ...

Versace Fall/winter 2018 Collection

Spotlight on technological advancements at the 6th International Congress for Jo ...

Built for the Way We Communicate Today: Samsung Galaxy S9 and S9+ Now Available ...

Turkish Airlines launches its direct flights to Aqaba, its 2nd destination to be ...

Dubai Customs celebrates International Day of Happiness and Year of Zayed

In partnership with Emirates and Jumeirah Hotels & Resorts

CERTINA DS Podium GMT Chronometer: Because time knows no borders

International Toyota Dream Car Art Contest sees double the participation rates i ...

Middle East and African fragrance market is expected to reach US$8.5 billion by ...

Mido's Commander Big Date - A series of exceptional timepieces to celebrate an i ...

Emirati long-distance runner wins gold and the hearts of spectators

Dubai Reaffirms Its Position as the Cruise Hub of the Region at Seatrade Cruise ...

ICONIC launches Summer'18 campaign

Al Mashowa at City Walk offers authentic Emirati seafood based on time-honoured ...

Dubai Islamic Economy Development Centre Signs Memorandum of Understanding with ...