- The fund will be used to finance renewable energy projects in developing countries.
- 1.5 GW of renewable energy capacity to be deployed in developing nations by 2030.
The Abu Dhabi Fund for Development (ADFD) will invest USD 400 million in a platform launched by the International Renewable Energy Agency (IRENA), which has signed a deal. The fund will be used to finance renewable energy projects in developing countries.
In November 2021, IRENA launched its Energy Transition Accelerator Financing (ETAF) Initiative to deploy 1.5 GW of renewable energy capacity in developing nations by 2030. The platform will seek to raise at least USD 1 billion.
Asides from the ADFD’s investment, ETAF will also receive a financial commitment in terms of soft capital to equity investment in projects until 2030 by Abu Dhabi Future Energy Company. Masdar, an Abu Dhabi-based renewables developer, signed a Letter of Intent to join the platform.
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.