New Funds Available for Renewable Energy Projects in Developing Countries

IRENA is now welcoming applications for a fourth round of funding to support renewable energy projects in developing countries. The funding round of approximately 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).

“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.” – 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. Thanks to projects funded in the first three cycles, more than 56 megawatts (MW) of renewable energy capacity will be brought online and roughly 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 using wind, solar, hydro, geothermal and biomass in Argentina, Cuba, Ecuador, Iran, Maldives, Mali, Mauritania, Samoa and St. Vincent and the Grenadines. 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.

Mauritania hybrid windsolar hydropower project_ 2nd_Photo courtesy Agencede Promotionde L'accessUniversalservicesAPAU_solar_620
First two images: Hybrid wind and solar hydropower project in Mauritania, second cycle. Photo credit: National Agency for Development of Renewable Energy
3 MW hydro project Tigreurco_ Payagua river_ 1st cycle_Photo courtesy Ministry of Electricty renewable energy_620
3 MW hydropower project in Ecuador, Tigreurco, Payagua River, first cycle. Photo credit: Ecuador Ministry of Electricity and Renewable Energy
Iran small-scale geothermal project, second cycle Photo credit: Renewable Energy Organization, SUNA, Iran
Iran small-scale geothermal project, second cycle. Photo credit: Renewable Energy Organization, SUNA, Iran

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4 thoughts on “New Funds Available for Renewable Energy Projects in Developing Countries”

  1. No doubt, it’s a great news for the developing countries. We believe that this fund will help to boost up the livelihood of many rural people.

  2. im so glad i came across this. this is the best news for third world countries. We can provide better living by creating more jobs and upskilling the youth, especially those in remote and rural areas in africa.

  3. With the current energy supply crisis in Southern Africa, IRENA is the answer to educating and training rural communities in Biogas production for electricity generation.

  4. so much untapped energy in Africa and definitely the funds should go a long way for a better life, investments should be done in consultation with users, that way renewable energy technologies will gain significant appreciation

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