The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) have collaborated on a joint Project Facility to support replicable, scalable and transformative renewable energy projects in developing countries. Currently, over $214 million in loans has been allotted, with 120MW expected to come online in the near future. Initiatives funded include PV, hydropower and geothermal power projects.
The IRENA/ADFD Project Facility will be accepting project proposals for its seventh funding cycle between 12 November 2018 and 14 February 2019.
To be shortlisted, projects must be:
- Transformative
- Replicable/scalable
- Economically feasible
They must also:
- Have a positive development impact
- Improve energy access
- Address energy security
- Have government support
Each accepted project will receive up to $15 million in financing for implementation, with the Project Facility covering up to 50% of the project costs. Loans are for a 20-year period with an interest rate of 1 or 2% and feature a 5-year grace period. An independent Panel of Experts will evaluate proposals and will look for projects that provide clear environmental and socio-economic benefits, are technically and financially feasible and have strong government support. Each project will then be appraised by an IRENA Advisory Committee, after which the ADFD makes the final selections.