New Funds Available for Renewable Energy Projects in Developing Countries

15 November 2015| Articles


IRENA is now welcoming applications for a fourth round of funding to support renewable energy projects in developing countries. The funding round of approximately USD 50 million now available is part of a USD 350 million commitment by the UAE to provide concessional loans to projects endorsed by IRENA over seven funding cycles, through the Abu Dhabi Fund for Development (ADFD).

“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. The continued partnership between IRENA and ADFD brings funding to the places where it can have the most impact and where financing is one of the greatest challenges.” - IRENA Director-General Adnan Z. Amin.

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. Thanks to projects funded in the first three cycles, more than 56 megawatts (MW) of renewable energy capacity will be brought online and roughly 600,000 people and businesses will benefit from increased access to energy and improved livelihoods.

Projects include off-grid, mini-grid and/or on-grid 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. Applications for this fourth of seven funding cycles will be accepted until 15 February 2016 at 17:00 GST.

First two images: Hybrid wind and solar hydropower project in Mauritania, second cycle. Photo credit: National Agency for Development of Renewable Energy

3 MW hydropower project in Ecuador, Tigreurco, Payagua River, first cycle. Photo credit: Ecuador Ministry of Electricity and Renewable Energy

Iran small-scale geothermal project, second cycle. Photo credit: Renewable Energy Organization, SUNA, Iran

For more information, please visit www.irena.org/adfd