ADFD becomes anchor investor in IRENA's 1.5-GW renewables platform

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June 20 (Renewables Now) - The Abu Dhabi Fund for Development (ADFD) has inked a deal to invest USD 400 million (EUR 380.3m) in a platform launched by The International Renewable Energy Agency (IRENA) to finance renewable energy projects in developing countries.

IRENA’s Energy Transition Accelerator Financing (ETAF) initiative was launched in November 2021 in a bid to deploy 1.5 GW of renewable energy capacity in developing countries by 2030. The platform will seek to raise at least USD 1 billion.

Apart from ADFD’s anchor investment, the platform will also receive a soft capital commitment to equity investment in projects until 2030 by Abu Dhabi Future Energy Company. The Abu Dhabi-based renewables developer, better known as Masdar, has signed a Letter of Intent to join the platform, as well.

ETAF is meant to accelerate the expansion of renewable energy in developing countries and back projects that need financing. The projects in the pipeline of the platform will be selected through open calls and will get technical assistance and project facilitation support from IRENA.

(USD 1.0 = EUR 0.951)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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