IRENA financing platform for developing countries receives $400 million from Abu Dhabi
Post date: 19/06/2022 - 19:12
The International Renewable Energy Agency (IRENA) has signed an agreement with the Abu Dhabi Fund for Development (ADFD) and the Abu Dhabi Future Energy Company (Masdar) to finance renewable energy projects in developing countries. According to the agreement, the Energy Transition Accelerator Financing (ETAF) platform launched by IRENA will receive an investment of $400 million from ADFD. As an ETAF member, Masdar is expected to contribute its expertise as a project developer »to increase bankability and attract investors to ETAF projects.«
ETAF was launched in 2021 with the goal of acquiring a total of $1 billion from various international investors. This should enable the implementation of projects with a total volume of 1.5 gigawatts.