International Finance

ADFD to fund $105 million for energy projects in 8 countries

The IRENA-ADFD alliance has a cumulative funding of $350 million till now

The Abu Dhabi Fund for Development (ADFD) has approved $105 million for renewable energy projects in eight developing countries.

This was officially declared in the capital on Sunday, the second day of the ongoing 10th International Renewable Energy Agency (IRENA) general assembly summit.

The ADFD-IRENA Project Facility was established in 2014 with the chief objective of committing $350 million (Dh1,285 million) towards renewable energy schemes over a period of seven cycles.

By this approval, the overall amount of monetary assistance offered by ADFD has attained the above figure, thus fulfilling this objective of the ADFD-IRENA collaboration.

The facility offers financial assistance to developing countries to procure cheap capital for renewable energy projects to augment energy access, enhance income and execute substantial development activities.

Mohammed Saif Al Suwaidi, Director General of ADFD, said that the ADFD in association with IRENA, is delighted to have facilitated the implementation of renewable energy projects for many years across the globe.

In its endeavour to bolster the execution of the United Nations’ Sustainable Development Goals (SDGs), specifically Goals 6,7,11, 12 and 13 – ADFD-funded projects over the seven cycles of the Facility have resulted in the extensive incorporation of scalable, tidy, and sustainable energy alternatives in ‫26 countries.

From the time when the initial project cycle commenced in 2014, ADFD has accomplished the task of sponsoring 32 renewable energy projects across the globe, accounting to nearly half of the overall project expenditures.

It is expected to usher in 200 MW of renewable energy capacity online and provide access to electricity to over seven million people.

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