IRENA Announces Funding for Renewable Energy Projects in Developing World
The International Renewable Energy Agency (IRENA) and the Abu Dhabi Fund for Development announced yesterday funding totaling $41 million in concessional loans for renewable energy projects in six developing countries: Ecuador, Sierra Leone, the Maldives, Mauritania, Samoa, and Mali.
The financed projects will bring 35MW of renewable energy to rural communities that in some instances have lacked access to reliable energy sources. The projects ranging from hydro projects to solar, wind, and waste to energy projects will “stimulate local economic development and raise living standards,” according to IRENA’s Director-General, Adnan Z. Amin.
This first round of projects is just the beginning as the UAE, through the Abu Dhabi Fund for Development has committed $350 million to support renewable energy projects in developing countries.
IRENA also recently detailed a global roadmap to double the share of renewable energy by 2030 in its study entitled REmap 2030.
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