Deadline approaching for $50 million funding cycle of IRENA/ADFD Project facility
Reminder on the sixth funding cycle for $50 million from IRENA/ Abu Dhabi Fund for Development (ADFD) providing $5-15 million in project loan funding for projects around the world.
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. Projects were selected for funding in January 2014 in the first cycle. The sixth cycle will receive summary applications between 16 November 2017 and 15 February 2018. Register on the website www.irena.org/adfd for details on the application process.
This is a kind reminder that the deadline for submission of summary project proposals in the sixth funding cycle of the IRENA/ADFD Project Facility is 15 February 2018 (17:00 GST).
This latest funding cycle offers around USD 50 million in concessional loans from the Abu Dhabi Fund for Development (ADFD). The Facility is welcoming summary project proposals from renewable energy projects in developing countries, that are at feasibility study stage and have the support of the central government.
ADFD funding offer:
- USD 5 million to USD 15 million per project, covering up to 50% of the total project cost.
- Loan rates of 1 to 2%, 20-year loan period including a 5-year grace period.
- Government guarantee required for the ADFD loan (usually from the Ministry of Finance).
Contact Ms. Seleha Lockwood and Ms. Sofi Hinchliffe at firstname.lastname@example.org with any questions.
So far two geothermal projects have received funding under the scheme, a project in St. Vincent and the Grenadines in the Caribbean and another one in Iran.
Background information (pdf)