IRENA and the Abu Dhabi Fund for Development (ADFD) have collaborated to create a joint Project Facility to finance transformative and replicable renewable energy projects in developing countries. The facility involves IRENA selecting and recommending promising renewable energy projects in developing countries. ADFD then offers soft (concessional) loans to these projects worth USD 350 million over seven annual cycles. The first funding cycle commenced in November 2012.
Since 2012, USD 144 million of ADFD loans have already been allocated to 15 renewable energy projects recommended by IRENA. Over USD 189 million has been leveraged through other funding sources to cover the rest of the project costs.