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ABU DHABI / WAM
Abu Dhabi Fund for Development, (ADFD) signed a new cooperation and support agreement with the Abu Dhabi-based International Renewable Energy Agency, IRENA, to ensure the effective allocation of the US$350 million of funds pledged by ADFD for renewable energy projects in developing countries around the world.
The Project Facility has already allocated $144m worth of funds over three cycles for renewable energy, which will see 15 projects supported from the Pacific to Africa and from the Caribbean to the Middle East. Together, the projects will produce 68 megawatts (MW) of new generating capacity, which, when complete, will positively impact the lives of over 760,000 people.
The new agreement will see ADFD increase its support for IRENA over the next four years to provide technical and administrative support to encourage proposals from eligible countries, raise awareness, support submissions, assess projects, facilitate preliminary due
diligence.