The International Renewable Energy Agency (IRENA) in collaboration with the Abu Dhabi Fund for Development (ADFD) has opened up its fourth round of funding to support renewable energy projects in developing countries. The funding round of approximately $50 million is part of a $350 million commitment by ADFD to provide concessional loans to projects endorsed by IRENA over seven funding cycles.
The funding articulates ADFD’s commitment to supporting renewable energy projects in developing nations given the sector’s crucial role in aiding economic and social development.
Funding from the IRENA/ADFD Project Facility boosts renewable energy growth in developing countries and offers sustainable and affordable energy to millions of people with limited or no access to electricity. In its first two cycles, the Facility allocated nearly $100 million to cover up to 50% of project costs for 11 renewable energy projects across the globe. The loans were approved following close collaboration between ADFD and IRENA to assess and select the projects that meet specific criteria.
Projects must be transformative, replicable, scalable and/or innovative, improve energy access and help address energy security issues. Projects are carefully evaluated on technical merit, economic viability and socio-economic and environmental impact. The deadline to submit applications for the fourth round of funding is February 15.