The Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) have approved $44.5 million for four renewable energy projects – including an integrated solar/wind facility – in developing countries.
The funding will support the following projects in Africa and the Pacific:
- Marshall Islands: A 4.6 MW hybrid microgrid project will use solar PV and advanced lithium-ion batteries to provide renewable energy access to over 16,000 people;
- Niger: Focused on rural electrification for over 150,000 people, the project will use 2.1 MW solar PV microgrids and solar home kits;
- Seychelles: A government-supported solar PV utility-scale project will integrate a 5 MW solar PV plant into an existing wind farm, demonstrating a space-saving solution for the small island nation and supplying renewable power to over 1,800 households; and
- Solomon Islands: A government-backed 20 MW reservoir dam and hydropower facility will provide renewable energy access to 5,000 people.
Since 2013, through the IRENA/ADFD Project Facility, $189 million has been allocated to 19 projects and has attracted over $387 million in co-financing for a total of $576 million in new investment inflow.
Through the facility, ADFD provides concessional loans ranging from $5 million to $15 million per project. Financing is offered at 1% to 2% lending rates with a 20-year loan period, including a five-year grace period.
“Over the course of the last four years, the IRENA/ADFD project facility has identified path-breaking renewable energy projects that are helping to expand access to energy, bolster energy security and provide sustainable, affordable energy for those who need it most,” says Adnan Z. Amin, IRENA’s director-general. “Importantly, this facility is also putting in place an innovative process which supports transformational and replicable projects that can potentially bring sustainable energy to millions of people around the world.”
Applications for the next rounding of IRENA/ADFD Project Facility funding will be accepted until Feb. 15. More information can be found here.