The International Renewable Energy Agency (Irena) signed a collaborative partnership agreement with Etihad Credit Insurance (ECI), the UAE’s Federal export credit company.
ECI is bringing a suite of innovative credit insurance and
risk mitigation solutions that are highly complementary to ETAF, the Energy
Transition Accelerator Financing platform.
ECI has a broad geographic footprint covering 110 countries,
with particular focus on Africa, Central Asia, the Middle East and Gulf
Cooperation Council (GCC), South and Southeast Asia, and the Comprehensive
Economic Partnership Agreement (CEPA) partner countries.
Francesco La Camera, Director-General of Irena, said: “Irena
works with its global Membership and funding partners to facilitate access to
financing for renewable energy projects. However, in many developing markets,
perceived risks continue to constrain investment. ECI’s participation in Irena’s
ETAF Platform creates new opportunities to attract financing for projects
through targeted risk mitigation solutions, helping to close this gap and
catalyse greater investment in the energy transition.”
Raja Al Mazrouei, Chief Executive Officer of ECI, said: “Our
partnership with Irena marks a significant step forward in accelerating the
global transition to a sustainable, low-carbon future. At ECI, we believe that
addressing financing and risk-related challenges is essential to scaling
renewable energy investments, particularly in emerging and high-growth markets.
By providing comprehensive credit insurance and risk mitigation solutions to
ETAF-supported projects, we aim to enhance investor confidence, unlock greater
capital flows, and improve the bankability of clean energy initiatives. This
collaboration also reflects ECI’s commitment to advancing climate action,
supporting sustainable economic development, and strengthening international
cooperation in line with the United Nations Sustainable Development Goals and
the UAE’s Net Zero 2050 ambitions.”
Established in 2021, the ETAF Platform combines project
facilitation, financing matchmaking, and access to risk-mitigation solutions to
advance viable projects from pipeline to financing.
It also aligns with country energy transition priorities,
climate commitments, and sustainable development goals.
The partnership between Irena and ECI will enable combining
the institutions’ project original channels and network of partners on a single
platform – the ETAF – maximising chances for renewable energy projects across
the globe to get to financing and construction.
ECI’s joining brings ETAF’s partner count to 15, with
pledges totalling $4.15 billion, highlighting its role as one of the most
inclusive financing and de-risking platforms for a renewable-based energy
transition. -OGN/TradeArabia News Service
