Abu Dhabi – Mubasher: Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) are inviting applications for more than a $50 million funding through the IRENA/ADFD project facility.

The financed initiative is provided to government-guaranteed renewable energy projects in developing countries that seek to increase energy access, improve livelihoods and advance sustainable development, according to ADFD’s statement.

ADFD has offered AED 1.285 billion ($350 million) in concessionary loans over seven annual funding cycles for renewable energy projects recommended by IRENA.

“Renewable energy can have a powerful impact on the livelihoods of people across the globe,” Adnan Z. Amin, IRENA director-general, said.

The facility gives special attention to proposals for projects submitted by ministries, public utility entities, and rural electrification agencies because they are able to obtain a government guarantee for the ADFD loan.

“It is the most cost-competitive option to expand access to energy and improve socioeconomic welfare while creating jobs and empowering local communities,” Amin added.

In the 7th funding cycle, the project facility has a proven track record of driving positive change through renewable energy deployment, in addition to supporting developing countries to benefit from the energy transformation, Amin noted.

“Advancing the renewable energy sector helps achieve the UN’s Sustainable Development Goals, as well as create jobs and stimulate economic growth. We are proud of the milestones this facility has marked and look forward to receiving cutting-edge and impactful applications for the seventh and final funding cycle,” Mohammed Saif Al Suwaidi, director general of ADFD, said.

As for the first five cycles, the IRENA/ADFD Project Facility allocated around $214 million to 21 renewable energy projects across the globe, covering up to 50% of the project costs, while projects selected for the sixth cycle will be announced in January 2019.