Call for Funding: Renewable energy projects in developing countries

IRENA and the Abu Dhabi Fund for Development (ADFD) have collaborated to offer concessional loans worth USD 350 million over seven annual funding cycles to promising renewable energy projects in developing countries. These projects are recommended by IRENA to ADFD for final selection. The ADFD loans cover up to 50% of the projects costs and help leverage additional funding. Since 2012, USD 98 million of ADFD loans have already been allocated to 11 renewable energy projects recommended by IRENA. Over USD 146 million has been leveraged through other funding sources to cover the rest of the project costs. Each project selection cycle opens in November of each year.

Selected projects are announced at the annual IRENA Assembly in January of each year. Eligibility Projects applying for funding to the Facility should meet the following requirements: Projects should be submitted by Members of IRENA, Signatories of the IRENA Statute or States in Accession which are included as developing countries in the “DAC List of ODA Recipients” from the Organisation for Economic Co-operation and Development (OECD). Preference will be given to project proposals submitted by IRENA Members. For ease of reference, see list of eligible countries. Projects should deploy renewable energy as defined in the Statute of IRENA: bioenergy, geothermal energy, hydropower, ocean energy, solar energy, and/or wind energy.

IRENA is now welcoming applications for a fourth round of funding to support renewable energy projects in developing countries. The projects will contribute to a clean energy transition, mitigate climate change and bring long-term positive development to the countries. The 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).

Projects include off-grid, mini-grid and/or on-grid using wind, solar, hydro, geothermal and biomass. 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.

More information: http://adfd.irena.org/