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Abu Dhabi offers big incentives for renewable projects.

Irena-ADFD open green energy project funding cycle

ABU DHABI, December 8, 2014

Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (Irena) have announced the opening of the third funding cycle for the $350 million renewable energy project facility.

Applicants can now submit request for funding of RE Technology project in accordance with the “Guidelines for applicants”. Countries that intend to apply for funding through the renewable energy development facility will have until February 18, 2015, a statement said.

In support of this initiative ADFD has reduced their lending conditions to encourage developing countries to take advantage of the project facility. Successful projects will enjoy funding rates ranging between 1-2 per cent.

ADFD said this action would attract a wider range of renewable energy projects – many of which can be hugely capital intensive.

“We believe that the provision of renewable energy is an important and effective form of development aid,” said Mohammed Saif Al Suwaidi, director general of Abu Dhabi Fund for Development.

“For that reason it is important that the recipients of the aid are able to fully realize the economic and social benefits of the clean energy projects delivered.

“Based on lessons learned from the first and second cycles we believe these new terms will significantly increase the facility’s impact, and encourage developing countries to utilize this opportunity,” he added.

Projects approved for funding to date include solar, hydropower, biomass, wind energy and hybrid projects in Ecuador, Mali, Maldives, Mauritania, Samoa and Sierra Leone. The projects selected represent a diverse mix of renewable energy sources and innovative technologies that are replicable, scalable and will improve energy access in developing countries.

“The demand for concessional finance for renewable energy projects is high as demonstrated by the more than $1.5 billion worth of loans requested in the first two cycles of the Irena/ADFD Project Facility,” said Adnan Z Amin, director-general of Irena.

“The lower interest rates now offered by ADFD make this an even more effective platform to support innovative projects, a diverse range of technologies and a wider geographic spread of countries.”

Abu Dhabi Fund for Development is a Government of Abu Dhabi national institution established in 1971 to assist developing countries by providing concessionary loans to finance development projects in those countries.

The International Renewable Energy Agency is mandated as the global hub for renewable energy cooperation and information exchange by 138 members (137 states and the European Union). – TradeArabia News Service




Tags: Renewable energy | ADFD | Funding | Abu Dhabi fund | Irena |

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