IRENA and the Abu Dhabi Fund for Development (ADFD) have collaborated to create a joint Project Facility to finance transformative and replicable renewable energy projects in developing countries. The facility involves IRENA selecting and recommending promising renewable energy projects in developing countries. ADFD then offers soft (concessional) loans to these projects worth USD 350 million over seven annual cycles. The first selection cycle commenced in November 2012.
Since 2012, USD 189 million of ADFD loans have already been allocated to 19 renewable energy projects recommended by IRENA. Over USD 387 million has been leveraged through other funding sources to cover the rest of the project costs.
Projects applying for funding to the Facility should meet the following requirements:
- Projects should be submitted by Members of IRENA, Signatories of the IRENA Statute or States in Accession which are included as developing countries in the “DAC List of ODA Recipients” from the Organisation for Economic Co-operation and Development (OECD). Preference will be given to project proposals submitted by IRENA Members. For ease of reference, see list of eligible countries.
- Projects should deploy renewable energy as defined in the Statute of IRENA: bioenergy, geothermal energy, hydropower, ocean energy, solar energy, and/or wind energy.
Projects must have the support of, and must be prioritised by, the government of the country where the project is to be implemented. All applicants must be able to obtain a government guarantee (see the funding page for more details).
- Projects must be at feasibility study and pre-implementation stage, i.e. prior to tendering and procurement and execution.
Projects must have positive socio-economic, environmental and other sustainable development impacts in the country of implementation.
For further details on the selection process and requirements, please see How it works, Funding and How to apply.