ADFD and IRENA announce funding of $44.5 million to support small PV projects in developing countries

Four renewable energy projects in developing countries in the Pacific and Africa will receive funding of $44,5 million by Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA). Through the IRENA/ADFD project facility, ADFD provides consessional loans ranging from $5 million to $15 million per project. Finance is offered at 1 to 2 percent lending rates with a 20-year loan period, including a 5-year grace period.
The Marshall Islands will receive financing to build a 4.6 MW hybrid micro-grid project, using solar PV and advanced lithium-ion batteries, that will provide renewable energy access to over 16,000 people. It will essentially eliminate fossil fuel based generation on three outer islands and reduce it by more than a third on a fourth island. In Niger a project is focused on rural electrification for over 150,000 people, using 2.1 MW solar PV micro-grids and solar home kits. 100 schools will be electrified and drinking water supplies will be improved. At the Seychelles, a government supported solar PV utility scale project will integrate a 5 MW solar PV plant into an existing wind farm. The project will supply renewable power to over 1,800 households. At the Solomon Islands, a government-backed 20 MW reservoir dam and hydropower facility will diversify the country’s energy mix.
Since 2013, through the IRENA/ADFD project facility, $189 million has been allocated to 19 projects, and has attracted over $387 million in co-financing for a total of $576 million in new investment inflow. Applications were evaluated by an international panel of experts who reviewed the projects based on their technical feasibility, economic/commercial viability and socio-economic and environmental benefits.
Applications for the next rounding of IRENA/ADFD project facility funding will be accepted until 15 February 2017.

Related News