USD 50m fund opens application process for renewable energy projects in developing countries

The International Renewable Energy Agency (IRENA) and Abu Dhabi Fund for Development (ADFD) Project Facility has entered its seventh funding cycle. The partnership offers over USD 50 million in funds for government-backed renewable energy projects in developing countries.

Projects are invited to submit applications for funding before February 14th 2019. These are available for projects which aim to increase access to energy, improve livelihoods and empower citizens, and further countries’ sustainable development.

The Project Facility accepts all projects which can obtain a government guarantee for the ADFD loan, and particularly welcomes proposals submitted by ministries, public utility entities and rural electrification agencies.

The IRENA/ADFD Project Facility has so far financed over 120MW of renewable energy projects. In the LAC region, this financing supported projects including a 15MW geothermal energy project in St. Vincent & the Grenadines, 4MW in solar and wind energy in Antigua & Barbuda, and a 10MW solar power project in Cuba. Each of those project received USD 15m in funding.

“[Renewable energy] is the most cost-competitive option to expand access to energy and improve socio-economic welfare while creating jobs and empowering local communities”, said IRENA Director-General, Adnan Z. Amin. “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.”