IRENA/ADFD to lend USD 44.5 for renewables in developing countries

The Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) will award USD 44.5 million (EUR 42m) in funding to four renewable energy projects in developing countries in the Pacific and Africa.

The Abu Dhabi government-owned organisation said on Saturday that the partners have identified four projects: a 4.6-MW hybrid micro-grid project, using solar and advanced lithium-ion batteries, on the Marshall Islands; a project to add 2.1 MW solar micro-grids and solar home kits in Niger, supplying power to 100 schools; a scheme in the Seychelles envisaging the integration of a 5-MW solar plant into an existing wind farm; and a 20-MW reservoir dam and hydropower project on the Solomon Islands.

These projects will receive loans of between USD 5 million and USD 15 million as part of the fourth round of funding by the IRENA/ADFD Project Facility. The loans will cover up to half of the estimated project cost, and the balance will be secured from other sources.

Applications for the next round of financing under the facility will be accepted until February 15, 2017.

To date, the IRENA/ADFD Project Facility has allocated USD 189 million to 19 projects, including off-grid, mini-grid and on-grid projects using wind, solar, hydro, geothermal and biomass sources. These developments will add over 100 MW of energy capacity.

(USD 1.0 = EUR 0.942)

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