Financing accessed for renewable energy projects in developing countries
The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) have collaborated in the provision of a joint Project Facility to support replicable, scalable and potentially transformative renewable energy projects in developing countries. ADFD committed USD 350 million in concessional loans,over seven annual funding cycles that have concluded in 2020, to renewable energy projects recommended by IRENA.
The IRENA/ADFD Project Facility has resulted in the selection of 32 renewable energy projects, with over USD 100 million being allocated in the seventh cycle to eight renewable energy projects.
“IRENA and the Abu Dhabi Fund for Development work together to deliver transformative renewable energy solutions to communities in developing countries all over the world. Projects financed through the IRENA/ADFD Facility bring clean energy access, job creation, gender empowerment and small businesses opportunities to millions of people, actualizing the Sustainable Development Goals.”
Mr. Francesco La Camera, IRENA Director-General