Tag Archives: ADFD

Ministers: ‘IRENA/ADFD Plays Key Role Advancing Renewables in Developing Countries’

At IRENA’s seventh Assembly, held in Abu Dhabi in January 2017, renewable energy projects from the Marshall Islands, Niger, Seychelles and the Solomon Islands were selected to receive a total of USD 44.5 million in funding through the IRENA/ADFD Project Facility. The Facility is a unique partnership between the International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD), set up to identify and partially finance promising renewable energy projects in developing countries.

At the Assembly, energy ministers from the four selected countries explained how this partnership will bring about a positive change in their respective countries.  Continue reading Ministers: ‘IRENA/ADFD Plays Key Role Advancing Renewables in Developing Countries’

Renewable Energy in Burkina Faso: Improving Living Conditions and Alleviating Poverty

Burkina Faso’s economy is heavily reliant on energy imports. In 2013, 92% of the country’s electricity was imported or produced from imported oil and the country’s economy is particularly vulnerable to fluctuations in the price of oil. Burkina Faso is simultaneously facing challenges of energy access, energy security and climate change mitigation.

With no growth in electrification rates over the last few years, less than 5% of the rural population have access to electricity and many schools and hospitals lack supply. Rural communities rely on expensive and harmful kerosene, batteries, and candles to meet their basic energy needs and have no access to electricity to meet these needs or support income generating activities. Continue reading Renewable Energy in Burkina Faso: Improving Living Conditions and Alleviating Poverty

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

For more information, please visit www.irena.org/adfd

IRENA and Germany Chart Future Renewable Energy Collaboration

German Vice-Chancellor Sigmar Gabriel and IRENA Director-General Adnan Amin met today to discuss how best to collaborate to promote the global uptake of renewable energy. Germany played a pivotal role in the foundation of IRENA and currently hosts IRENA’s Innovation and Technology Center (IITC) in Bonn, which provides information on renewable energy technologies and innovations worldwide.

“The most important argument in favor of renewable energy is that it has produced more than 300,000 new jobs in Germany.” Germany Vice-Chancellor Sigmar Gabriel

The business case for renewable energy is getting stronger as renewables are now cost competitive with fossil fuels in many cases worldwide, even without financial support and despite falling oil prices.

“Wind generation in Germany today is cheaper than any conventional generation. This is the case in one market after another. What we need now is an economic system that prices fossil fuels accurately without subsidies.” IRENA Director-General Adnan Amin

DG Gabriel

IRENA’s costing report shows that prices for Germany’s residential solar systems have fallen 64% since 2008 and are now cheaper than utility-scale projects in many countries.

Adnan Amin will speak later this month at the Berlin Energy Transition Dialogue on the potential impact and benefits of the rapid scale up of renewable energy worldwide, and IRENA and Germany will release a renewable energy roadmap for Germany later in 2015.

This was the first official visit to IRENA’s new headquarters, which received a four-pearl rating from Estidama for its energy and water efficiency. The building uses 42% less energy than global standards and 48% less water than typical buildings in Abu Dhabi.

IRENA and ADFD Bring Renewable Power to 280,000 in Many Rural Communities

IRENA and the Abu Dhabi Fund for Development (ADFD) today announced USD 57 million in concessional loans for five renewable energy projects in developing countries. The projects to be financed in the second cycle have a combined total capacity of 35 megawatts, bringing reliable and sustainable power to more than 280,000 people in rural communities that lack access to modern energy services.

The loans go to projects in a geographically diverse set of countries including Argentina, Cuba, Iran, Mauritania and St. Vincent and the Grenadines.

Adnan“Renewable energy offers the prospect of clean, affordable power to the 1.3 billion people currently off the electricity grid. While renewable energy resources are abundant in many communities suffering from energy poverty, finance is still a key challenge for deployment. That is why the partnership between IRENA and ADFD is so important as a pioneering effort.” -IRENA Director-General Adnan Z. Amin

This is the second loan cycle of seven, which together will commit USD 350 million over seven years to the deployment of renewable energy in developing countries, with a total project value of an estimated USD 800 million. The funds from ADFD mobilise other funds and will lead to more than double the invested amount.

Projects approved for funding in the second loan cycle include solar, hydro, hybrid (wind and solar) and geothermal energy. The projects selected represent a mix of renewable energy sources, are innovative, potentially replicable or scalable, and will improve energy access.

“As part of its mandate to work on projects with a profound impact on the economies of developing countries, ADFD has collaborated with IRENA to support the renewable energy sector as a tool for economic and social development,” said Mr. Adel Abdulla Al Hosani, Director of Operations Department in ADFD. “Towards this priority, we are keen to support the economic development and deployment of sustainable energy projects in countries with immense clean energy potential, but lacking necessary financial resources and project management expertise.”

The IRENA/ADFD Project Facility pioneers the support of renewable energy as a viable and sustainable focus for foreign development assistance that offers long-term social and economic benefits to developing countries.

The third funding cycle of the Project Facility is now open for project proposals, with concessional loan interest rates of 1-2 per cent. These new, lower rates will support an even broader range of renewable energy projects throughout the remaining five loan cycles.

Dr. Thani“The UAE sees renewable energy as a new cornerstone of sustainable development, with dramatic cost reductions having made it the most competitive energy option in many developing countries. The partnership between ADFD and IRENA provides a powerful way to demonstrate renewable energy’s viability and speed up further deployment.” – Dr. Thani Al Zeyoudi, the UAE’s Permanent Representative to the IRENA and Director of Energy and Climate Change at the Ministry of Foreign Affairs