IRENA/ADFD renewable energy facility opens for applications

IRENA is welcoming applications for the first tranche of USD 350 million funding to boost renewable energy in developing countries, offering the potential of sustainable and affordable energy to millions of people who previously had limited or no access to energy.

Applications, which will be accepted until 12 January, are open to government-led or -guaranteed projects in IRENA member and applicant countries from the developing world.

Broadening energy access is crucial to achieving international development goals, and renewable energy offers the opportunity to power communities not served by conventional energy. But mobilising finance remains a significant challenge to a successful scale-up.

The United Arab Emirates has committed to providing USD 350 million to renewable energy projects endorsed by IRENA over seven funding cycles, through the Abu Dhabi Fund for Development (ADFD). The first funding cycle offers USD 50m.

IRENA has developed evaluation guidelines to select projects for funding that are innovative and replicable, broaden access to energy, and address issues identified in the Millennium Development Goals. The guidelines also seek to ensure projects selected represent a diverse range of technologies and locations, and address energy security issues. Shortlisted projects will be sent to the ADFD for final selection.

“The time has never been better for promoting renewable energy in the developing world,” said Frank Wouters, IRENA Deputy Director-General. “Costs have fallen, demand is growing, and renewables offer an unprecedented opportunity to broaden access. But we need finance to make this a reality. With this new facility, the Abu Dhabi Fund for Development and IRENA are making innovative renewable energy projects bankable and providing opportunities for new renewable energy businesses to grow in energy-poor areas.”

Applications can be made through the website at www.irena.org/adfd.