Abu Dhabi, UAE: Abu Dhabi Fund for Development (ADFD) has announced signing a new cooperation and support agreement with Abu Dhabi-headquartered International Renewable Energy Agency (IRENA), to ensure the effective allocation of USD 350 million of funds pledged by ADFD for renewable energy projects in developing countries around the world.

As per details available on the IRENA website, the IRENA/ADFD Project Facility has already allocated USD 144 million worth of funds over three cycles for renewable energy, which will see 15 projects being supported from the Pacific to Africa and from the Caribbean to the Middle East. Together, the announcement added, the projects will have a new generating capacity of 68 megawatts (MW), which when complete, will positively impact the lives of over 760,000 people.

The new agreement, the release stated, will see ADFD increase its support to IRENA over the next four years to provide technical and administrative support to encourage proposals from eligible countries, raise awareness, support submissions, assess projects, facilitate preliminary due diligence, explore financing options and measure progress and impact in selected countries to improve the effectiveness of the facility’s work.

Commenting on the agreement, H.E. Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, said: “We believe that renewable energy initiatives are the key to the next chapter of sustainable development around the world as they act as underlying pieces of infrastructure that can power homes, improve the efficiency of farms, provide clean drinking water, act as the engines for new businesses and enable economic diversification. This announcement ensures we can build on the excellent start we have made in combining our international development expertise with IRENA’s renewable energy specialisms and focus on maximising our impact in the future.”

Stating that renewable energy can stimulate sustainable development in countries that need it most, H.E. Adnan Z Amin, Director-General of IRENA, said, “This agreement further cements the successful partnership between our two organisations, ensuring that together we can continue to meet the developing world’s energy needs by tapping into their abundant renewable energy sources.”