A funding deal worth $50 million (£39.5m) has been made available to support renewable energy projects in developing countries.
The International Renewable Energy Agency (IRENA) alongside the Abu Dhabi Fund for Development (ADFD) have opened the fifth round of funding for scalable, replicable and transformative green and clean projects.
The funding round is part of ADFD’s $350 million (£275.5m) commitment offering concessional loans to renewable energy projects endorsed by IRENA.
The agency claims it has distributed £333 million (£263.07m) in loans to 15 renewable energy projects in 14 developing countries since 2012.
IRENA Director General Adnan Z. Amin said: “Many developing countries are blessed with abundant renewable energy resources, yet access to financing can still hinder development.
IRENA’s partnership with ADFD helps overcome this challenge by offering concessional loans to quality renewable energy projects in developing countries, which then leverage additional investment. Funding from the facility helps boost renewable energy deployment and trigger economic growth, offering sustainable and affordable energy to people with limited or no access to electricity.”