Abu Dhabi Fund for Development (ADFD) has signed an agreement with the International Renewable Energy Agency (Irena) to ensure the effective allocation of $350 million of funds pledged by ADFD for renewable energy projects in developing countries.

The Project Facility has already allocated $144 million worth of funds over three cycles for renewable energy, which will see 15 projects supported from the Pacific to Africa and from the Caribbean to the Middle East. Together, the projects will produce 68 megawatts (MW) of new generating capacity, which, when complete, will positively impact the lives of over 760,000 people, added the WAM report.

The new agreement will see ADFD increase its support for 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.

ADFD’s director general Mohammed Saif Al Suwaidi said that renewable energy should be available to all, and 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.

He added that the 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,” he added.

Irena’s director general Adnan Z Amin noted that the agreement further cements the successful partnership between the two organisations.