With ADFD committing $350 million over seven funding cycles to the IRENA/ADFD Project Facility since 2013, the announcement, during the Ninth Session of the IRENA Assembly, brings cumulative funding to date to $245 million. The Facility helps developing countries access low-cost capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development.
“The projects selected this year will contribute towards meeting national energy access targets and will transform lives for the better,” said IRENA Director-General Adnan Z. Amin.
In Guyana, a project will receive a loan of $8 million to install 5.2 MW grid-connected solar PV systems in the hinterland regions to reduce fossil fuel consumption and increase the reliability of electricity supply. An estimated 34,700 people in the target areas will benefit and around 120 direct and indirect jobs are set to be created throughout the project lifecycle.
In Liberia, the $8 million will contribute to the construction of a 2.1 MW run-of-river hydropower plant on the Gee River. The project will benefit over 30,000 people through providing a clean, reliable and affordable source of energy to households, schools, health facilities and small businesses, enhancing living conditions and helping to reduce poverty.
In Togo, a 30 MW grid-connected solar PV plant will be constructed with the investment of a $15 million loan. The project aims to bring clean, reliable power to around 700,000 households and small businesses and reduce greenhouse gas emissions. Local communities will benefit from greater access to drinking water, education and healthcare as well as job creation that prioritizes women.
Since the first cycle selection of projects in 2014, ADFD funding has been allocated to 24 renewable energy projects across the world, covering up to 50 percent of the total project costs. Funding is available for sustainable development projects that are backed by a government guarantee. The seventh cycle is open for summary applications until 17:00 GST on 14 February, 2019.
