Abu Dhabi Fund for Development, ADFD, will unveil the results of its third cycle of funding for renewable energy projects in developing countries as part of the collaboration with the International Renewable Energy Agency, IRENA, during Abu Dhabi Sustainability Week, ADSW, that runs in the UAE capital from January 16th – 23rd, 2016. 

The third funding cycle is part of an initiative launched by ADFD in 2011 to allocate US$350 million towards the deployment of renewable energy solutions in developing countries across seven loan cycles. As part of the initiative, ADFD is provides concessionary loans worth US$50 million in each cycle to finance renewable energy projects including wind, solar, hybrid, organic materials, thermal and hydropower. 

The projects completed to date as part of the initiative have realised significant social and economic benefits including a reliable supply of electricity to rural areas. The projects funded in the first two cycles generated more than 56-MW of renewable energy capacity benefiting 580,000 people. In addition to accelerating economic development, the projects have ensured improved livelihoods for local communities while preserving the environment and reducing carbon emissions. 

As part of the first loan cycle, ADFD offered at the end of 2013 US$41 million in concessionary loans for six renewable energy projects in Ecuador, Maldives, Mali, Samoa Islands, Mauritania and Sierra Leone. 

In the second loan cycle, five projects valued at US$57 million were selected from Argentina, St. Vincent and the Grenadines, Cuba, Mauritania and Iran. 

Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), said, "At ADFD, we appreciate the fundamental role that the energy sector plays in driving economic and social development which is why we place such a strong emphasis on this area. By ensuring the provision of necessary funding for these renewable energy development projects we can continue to have a positive impact on our beneficiary countries and I am proud that we are today releasing another tranche of funding which will make such a difference on the ground." 

Over the past three years, ADFD and IRENA have closely collaborated in the selection of projects approved for funding as part of the second and third cycles of the project. The selection followed a thorough assessment against a set of stringent criteria, including technological innovations and variety of technologies deployed in the project, the possibility of replicating the proposed project in several different locations, the provision of sustainable energy, and the anticipated social, economic, technical and commercial benefits of the funded projects. 

Funding from the ADFD/IRENA Project Facility boosts renewable energy growth in developing countries and offers sustainable and affordable energy to millions of people with limited or no access to electricity. Renewable energy now outcompetes imported diesel on costs across the Pacific region.

Source :WAM