The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) have opened a fifth round of funding for projects in developing countries.
The $50m funding, which is part of a $350m commitment by the ADFD, aims to support scalable, replicable and transformative renewable energy projects endorsed by the agency.
About $333m in loans have been awarded in the previous rounds, supporting 15 projects in 14 countries.
These included off-grid, mini-grid and on-grid projects using wind, solar, hydro, geothermal and biomass sources.
Loans with $5 to $15m are offered to each project, covering up to half of their estimated cost.
“Many developing countries are blessed with abundant renewable energy resources, yet access to financing can still hinder development,” IRENA director-general Adnan Amin said.
“IRENA’s partnership with ADFD helps overcome this challenge by offering concessional loans to quality renewable energy projects in developing countries, which then leverage additional investment.”
Image: sxc
