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| ADFD and IRENA sign agreement to support renewable energy projects in developing countries |
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Abu Dhabi Fund for Development, has signed a new cooperation and support agreement with the Abu Dhabi based International Renewable Energy Agency, IRENA, to ensure the effective allocation of the US$350 million of funds pledged by ADFD for renewable energy projects in developing countries around the world.
The Project Facility has already allocated $144m worth of funds over three cycles for renewable energy, which will see 15 projects supported from the Pacific to Africa and from the Caribbean to the Middle East. Together, the projects will produce 68 megawatts (MW) of new generating capacity, which, when complete, will positively impact the lives of over 760,000 people.
The new agreement will see Abu Dhabi Fund for Development increase its support for IRENA over the next four years to provide technical and administrative support to encourage proposals from eligible countries, raise awareness, support submissions, assess projects, facilitate preliminary due diligence, explore financing options and measure progress and impact in selected countries to improve the effectiveness of the facility’s work.
Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development, said, "Renewable energy should be available to all. We believe that renewable energy initiatives are the key to the next chapter of sustainable development around the world as they act as underlying pieces of infrastructure that can power homes, improve the efficiency of farms, provide clean drinking water, act as the engines for new businesses and enable economic diversification. This announcement ensures we can build on the excellent start we have made in combining our international development expertise with IRENA’s renewable energy specialisms and focus on maximising our impact in the future."
Adnan Z. Amin, Director-General IRENA, said, "Renewable energy can provide safe, clean and affordable energy while stimulating sustainable development in countries that need it most. This agreement further cements the successful partnership between our two organisations, ensuring that together we can continue to meet the developing world’s energy needs by tapping into their abundant renewable energy sources."
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