International Renewable Energy Agency makes funds available for new clean energy projects in developing nations
IRENA has announced it is welcoming application for a fourth round of funding to support renewable energy projects in developing countries, according to a statement by the agency earlier today.
Working in conjunction with the Abu Dhabi Fund for Development (ADFD), the latest round of funding, worth approximately $50m is part of a $350m commitment by the UAE to provide concessional loans to projects endorsed by IRENA over seven funding cycles through the ADFD. This 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.
Speaking on behalf of IRENA, director-general Adnan Z. Amin, said, “This 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. The continued partnership between IRENA and ADFD brings funding to the places where it can have the most impact and where financing is one of the greatest challenges.”
With a primary aim to bring affordable renewable energy to those in the emerging economies, the initial three cycles will eventually provide more than 56 MW of renewable energy to approximately 600,000 people.
Using a variety of energy sources, project include off-grid, mini-grid and/or on-grid using wind, solar, hydro, geothermal, and biomass in countries including African nations such as Mali and Mauritania. Related article Osun seeks to capitalise on infrastructure momentum
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While the results from the third funding cycle will be announced in January 2016, applications for the fourth through to seventh rounds will be accepted until 15th February 2016.
This 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.