The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) have collaborated on a joint Project Facility to support replicable, scalable and transformative renewable energy projects in developing countries. ADFD committed USD 350 million in concessional loans, over seven annual funding cycles, to renewable energy projects recommended by IRENA.
Applicants are first asked for an Executive Project Summary, which must be submitted by 15 February 2018 in the sixth cycle. The applications are evaluated by an independent, international Panel of Experts that shortlist projects based on technical feasibility, economic/financial viability and socio-economic and environmental impacts.
The proponents of shortlisted projects are then asked to submit Full Project Proposals, including a full economic feasibility study, in May of each annual cycle. The Advisory Committee, appointed by IRENA members, assesses the projects to ensure alignment with national development priorities, geographic spread and diversity of technologies. ADFD makes the final selection of projects from IRENA’s recommended list by December of each year. After this, ADFD signs bi-lateral agreements with government officials for the selected projects.
To be shortlisted, projects must be:
They must also:
The ADFD sovereign loans cover up to 50% of the project costs with the remainder needing co-financing. Co-financing can come from any sources including government, development funds and the private sector. IRENA can share the application with other funds for co-financing, if requested. Applicants can also register on the IRENA Sustainable Energy Marketplace to explore co-financing opportunities.
Dateline for submission: 15 February 2018
Illustration Photo: Ningxia Wind Farm in China (credits: Land Rover Our Planet / Flickr Creative Commons Attribution-NoDerivs 2.0 Generic (CC BY-ND 2.0))