Renewable energy project facility now open for applications!

The International Renewable Energy Agency (IRENA) and Abu Dhabi Fund for Development (ADFD) Project Facility online portal is now open to receive applications for funding in the fourth project selection cycle.

The ADFD committed concessional financing of USD 350 million over seven cycles to renewable energy projects in developing countries which are recommended by IRENA. For each cycle, the joint facility provides a total of around USD 50 million and USD 5 to USD 15 million per project, covering up to 50% of the project costs. The joint facility offers this finance at rates from 1% to 2% with a 20-year loan period, including a 5-year grace period.

Projects seeking funding need to be sustainable, replicable, scalable, innovative and transformative, in line with government priorities and backed by a government guarantee. Projects are carefully evaluated on their technical merit, economic viability and socio-economic and environmental impact.

Deadline for online submission of applications for the fourth annual funding cycle is 15 February 2016, 17:00 GST (Abu Dhabi time).

Projects selected in previous funding cycles ranged from 1 megawatt to 15 megawatt in new renewable energy capacity. These projects were on-grid, mini-grid and/or off-grid, including backup storage, and used wind, solar, hydro, geothermal and biomass solutions. They are located in Argentina, Cuba, Ecuador, Iran, Maldives, Mali, Mauritania, Samoa and St. Vincent and the Grenadines.

For more information about the project facility, please refer to this information note, visit http://www.irena.org/adfd or contact adfd@irena.org.