The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) just announced funding for six renewable energy projects in six separate developing countries. ADFD is providing about $41 million in loans for these projects, while the total combined project costs come to over $80 million. “The remainder will come from other sources such as national contributions, banks, development partners or financial institutions,” an IRENA press release notes.
Here’s a quick summary of the projects in total:
- “The projects selected will provide energy to over 300,000 people and numerous businesses.”
- “In total, 35 megawatts (MW) of energy capacity will come online, along with 4 million litres of biodiesel production per year.”
- “Projects funded in the first round of the facility were selected by ADFD from a shortlist recommended by IRENA, which evaluated the technical and commercial merit and the socio-economic benefits of the projects. Projects had to be transformative, replicable and innovative, improve energy access and address energy security.”
“Out of all those applications, 19 project applicants were asked to submit full project proposals, which 16 did. ADFD ultimately selected six projects for funding in the first cycle.”
A quick summary of the six projects is as follows:
IRENA CEO Adnan Z Amin noted in response to a question at the press conference that there’s actually a myth that there “aren’t enough bankable renewable energy projects” in the developing world. Actually, there’s a great number of them. Applications for 82 potential projects totaling over $800 million were submitted in this funding round, showing a lot of potential in this sector.
Mr Amin also noted that Masdar* deserved recognition for leading the way in the MEDA region and inspiring clean energy awareness, as well as the atmosphere for renewable energy to develop.
These first 6 projects are ready for immediate implementation (that was one of the criteria for successful applicants). Other requirements were that projects had to be chosen from all continents, from various renewable energy technologies, and of course had to be very well planned.
The next funding cycle starts this afternoon, and there are already 70 projects waiting to apply for funding in this round. In total, “the UAE has committed the sum of USD 350 million, in concessional loans through the Abu Dhabi Fund for Development (ADFD), to finance renewable energy projects in developing countries.”
*Full disclosure: Masdar has covered my trip to Abu Dhabi Sustainability Week, where this announcement was just made.
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