IRENA Opens US$50 Million Funding Round for Renewables in Developing Countries

The International Renewable Energy Agency and the Abu Dhabi Fund for Development has invited applications for a US$50 million funding round for renewable energy projects in developing countries.

The funding round of is part of a US$350 million commitment by ADFD to provide concessional loans to projects endorsed by IRENA over seven funding cycles.

“This new funding cycle provides another opportunity for developing countries to access low cost capital for renewable energy projects to drive an energy transition and achieve sustainable development,” said IRENA Director-General Adnan Z. Amin. “The continued partnership between ADFD and IRENA brings funding to the places where it can have the most impact and where financing is one of the greatest challenges.”

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 US$100 million to cover up to 50% of project costs for eleven 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.

More than 56 megawatts of renewable energy capacity will be brought online from the first two rounds of funding. Projects include off-grid, mini-grid and/or on-grid including backup storage and using wind, solar, hydro, geothermal and biomass in Argentina, Cuba, Ecuador, Iran, Maldives, Mali, Mauritania, Samoa and St. Vincent and the Grenadines. The results of the third funding cycle will be announced in January 2016.

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. Applications for this fourth of seven funding cycles will be accepted until 15 February 2016.

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