The International Renewable Energy Agency (IRENA), in association with Abu Dhabi Fund for Development (ADFD), has opened the third funding cycle of the IRENA/ADFD Project Facility.
The project facility is offering new lower loan rates of 1 to 2 per cent for all cycles, an official announcement from IRENA said.
The ADFD has committed up to USD 350 million, over seven funding cycles, to a new IRENA-guided program. These funds are provided in the form of soft loans and used solely to finance renewable energy projects recommended by IRENA in developing countries.
By supporting projects with social, economic and environmental benefits, the Facility aims to enable sustainable development.
The first of seven project- funding cycles commenced in 2012. IRENA is responsible for recommending projects for funding by the ADFD, with ADFD making the final selection of projects from IRENA’s recommended list.
The funding is offered to projects that fall under the renewable energy categories such as bioenergy, geothermal energy, hydropower, ocean energy, solar energy, and/or wind energy, IRENA said.