The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) have officially opened the fifth round of funding for renewable energy projects in developing countries. The funding round of approximately USD 50 million is part of ADFD’s USD 350 million (AED 1.285 billion) commitment offering concessional loans to renewable energy projects endorsed by IRENA.
Since 2012, the IRENA/ADFD Project Facility has enabled USD 333 million in loans to 15 renewable energy projects in 14 developing countries. Selected projects thus far have included off-grid, mini-grid and on-grid projects using wind, solar, hydro, geothermal and biomass sources. Thanks to the first three cycles, more than 68 megawatts of renewable energy capacity will be brought online, improving the livelihoods of 760,000 people.
Only projects located IRENA Member States, Signatories of the Statute, or States in Accession are eligible to apply. Through the Facility, ADFD provides consessional loans ranging from USD 5 million to USD 15 million per project. Finance is offered at 1 to 2 per cent lending rates with a 20-year loan period, including a 5-year grace period. Loans for each project cover up to half of the estimated project cost so additional co-financing must be acquired from other sources. To help facilitate additional sources of funding, project developers can register and seek financing sources from IRENA’s Sustainable Energy Marketplace.
The deadline for applications for the fifth cycle is 15 February, 2017. Results will be announced in January 2018.
To learn more or apply please visit: www.irena.org/adfd