IRENA-ADFD partnership built on common objectives and on groundwork with local developers and focal points in member countries

In 2013, the International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) initiated a partnership to deploy resources to finance renewable energy (RE) projects in developing countries.

The United Arab Emirates anchored the initiative with USD 350 million to fund the IRENA-ADFD Facility allocated in seven cycles, running until 2020.

IRENA guided the initiative through a call for proposal, review process and recommendation of projects to ADFD for final selection and funding:

• ADFD committed to allocate USD 50 million per cycle to selected projects with ticket sizes ranging from USD 5 to 15 million per project to fund up to 50% of the total project costs
• Funding with have attractive features: interest rates ranging [1%- 2%] on a 15-20 years tenor
• ADFD fully underwrote funding with sovereign risk-mitigation provided by governments where the project are located
• The Facility financed 26 RE projects and further attracted around USD 570 million in co-funding from other financing sources during 2014-2020.

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