International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development (ADFD) have opened the sixth round of funding for renewable energy projects in developing countries.
The renewable energy projects eligible to apply for funding include those from ocean energy, solar energy, wind energy, bioenergy, geothermal energy, and hydropower sectors.
The $50 million is provided within the framework of the ADFD-funded $350 million IRENA/ADFD Project Facility, and the applications for the sixth cycle will be accepted until February 15, 2018, according to IRENA.
Adnan Amin, IRENA Director-General, said: “In just the last few years, renewable energy has emerged as one of the most economical choices for new power generation in countries around the globe. This new funding cycle provides greater opportunity for developing countries to access low cost capital for renewable energy projects to drive the energy transformation and achieve sustainable development.”
Mohammed Saif Al Suwaidi, Director General of ADFD, added: “The five previous cycles have attracted a host of impressive, innovative and sustainable projects that go a long way in enhancing energy security worldwide. Following their contribution in advancing the global sustainability mandate, we are delighted to open funding for the sixth cycle and continue our journey of socio-economic growth.”
In the first four cycles, the Facility allocated $189 million to 19 renewable energy ventures across the globe, covering up to 50% of the project costs, IRENA said.
The projects selected for the fifth funding cycle will be announced in January 2018.