21 April 2016| Press Release
Abu Dhabi, UAE,19April, 2016 – Abu Dhabi Fund for Development (ADFD) has signed a new cooperation and support agreement with the International Renewable Energy Agency (IRENA), based in Abu Dhabi, to ensure the effective allocation of the $350m of funds pledged by ADFD for renewable energy projects in developing countries around the world.
The IRENA/ADFD Project Facility has already allocated $144m worth of funds over three cycles for renewable energy, which will see 15 projects supported from the Pacific to Africa and from the Caribbean to the Middle East. Together, the projects will produce 68 megawatts (MW) of new generating capacity, which when complete, will positively impact the lives of over 760,000 people.
The new agreement will see Abu Dhabi Fund for Development increase its support to IRENA over the next four years to provide technical and administrative support to encourage proposals from eligible countries, raise awareness, support submissions, assess projects, facilitate preliminary due diligence, explore financing options and measure progress and impact in selected countries to improve the effectiveness of the facility’s work.
H.E. Mohammed Saif Al Suwaidi, Director General, Abu Dhabi Fund for Development said, “Renewable energy should be available to all. We believe that renewable energy initiatives are the key to the next chapter of sustainable development around the world as they act as underlying pieces of infrastructure that can power homes, improve the efficiency of farms, provide clean drinking water, act as the engines for new businesses and enable economic diversification. This announcement ensures we can build on the excellent start we have made in combining our international development expertise with IRENA’s renewable energy specialisms and focus on maximising our impact in the future.”
H.E. Adnan Z. Amin, Director-General IRENA said, “Renewable energy can provide safe, clean and affordable energy while stimulating sustainable development in countries that need it most. This agreement further cements the successful partnership between our two organizations, ensuring that together we can continue to meet the developing world’s energy needs by tapping into their abundant renewable energy sources.”
About Abu Dhabi Fund for Development (ADFD)
ADFD is a Government of Abu Dhabi national institution established in 1971 to assist developing countries by providing concessionary loans to finance development projects in those countries, as well as direct, long term investments and contributions. Simultaneously, the Fund undertakes the management of government grants provided by the UAE through direct supervision and monitoring of project implementation and progress. The fund has provided and managed more than AED 74 billion since its inception until to date to finance 481 projects in 78 countries around the world. www.adfd.ae
About the International Renewable Energy Agency (IRENA)
IRENA is mandated as the global hub for renewable energy cooperation and information exchange by 146 Members (145 States and the European Union). Roughly 30 additional countries are in the accession process and actively engaged. IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity. www.irena.org
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