IRENA18 January 2015: The International Renewable Energy Agency and Abu Dhabi Fund for Development (IRENA/ADFD) Project Facility have announced US$57 million in concessional loans for renewable energy projects in developing countries around the world. The joint facility promotes renewable energy as a focus for foreign development assistance with long-term sustainable development benefits.

The five projects to be financed under the Facility’s second project cycle will have a total capacity of 35 MW and will provide electricity for more than 280,000 inhabitants of rural communities. The selected renewable energy projects are: a 4 MW mini-hydro station in Argentina; a 10 MW solar energy plant in Cuba; a 5 MW geothermal facility producing electricity and heat in Iran; a 1 MW hybrid solar and hydropower project in Mauritania; and a 10-15 MW geothermal project in Saint Vincent and the Grenadines.

In total, the IRENA/ADFD Project Facility has a committed funding of US$350 million, to be awarded over seven years, and a total estimated project value of US$800 million.

The projects selected for the second cycle of funding of the IRENA/ADFD Project Facility were announced in Abu Dhabi, the United Arab Emirates (UAE), in parallel with the Fifth Session of the IRENA Assembly and the World Future Energy Summit (WFES) 2015. The Facility’s third funding cycle is open for project proposals, as of January 2015. [IRENA Press Release] [IRENA/ADFD Project Facility Website] [IISD RS Coverage of the 5th Session of the IRENA Assembly]