The International Renewable Energy Agency (IRENA), in collaboration with the Abu Dhabi Fund for Development (ADFD), is now accepting applications for a fourth round of funding to support renewable energy projects, including hydro, in developing countries.
This funding round, valued at about US$50 million, is part of a US$350 million commitment by ADFD to provide concessional loans to projects endorsed by IRENA over seven funding cycles, according to IRENA. Applications will be accepted until February 15, 2016.
“The new funding cycle provides another opportunity for developing countries to access low cost capital for renewable energy projects to drive an energy transition and achieve sustainable development,” says IRENA Director-General Adnan Z. Amin.
Funding from the IRENA/ADFD Project Facility boosts renewable energy growth in developing countries and offers sustainable and affordable energy to millions of people with limited or no access to electricity, IRENA says. Projects must be transformative, replicable, scalable and/or innovative; improve energy access; and help address energy security issues, Projects are evaluated on technical merit, economic viability and socio-economic and environmental impact.
In its first two cycles, the facility allocated nearly US$100 million to cover up to 50% of project costs for 11 renewable energy projects across the globe.
The results of the third funding cycle will be announced in January 2016.
Thanks to projects funded in the first three cycles, more than 56 MW of renewable energy capacity will be brought online and about 600,000 people and businesses will benefit from increased access to energy and improved livelihoods. Projects include off-grid, mini-grid and/or on-grid including backup storage and using wind, solar, hydro, geothermal and biomass. Countries where these projects are located include Argentina, Cuba, Ecuador, Iran, Maldives, Mali, Mauritania, Samoa and St. Vincent and the Grenadines.