ADFD, Masdar Join 1.5 GW Renewables Platform of IRENA

Scaling up renewable energy investments in West Africa

The International Renewable Energy Agency (IRENA) has announced the signing of agreements with the Abu Dhabi Fund for Development (ADFD) and The Abu Dhabi Future Energy Company (popularly known as Masdar) that formalises the fund’s anchor investment of $ 400 million to Energy Transition Accelerator Financing (ETAF) Platform of IRENA.

The official statement of IRENA informed that the signing of the Letter of Intent with Masdar paves the way for renewable energy projects through technical advisories and equity investments.

Francesco La Camera, Director-General, IRENA, “The financing development, business expertise and financial commitment of ADFD and Masdar to ETAF is a testament to the UAE’s strong commitment to supporting the global energy transition. It will enable IRENA to facilitate capital mobilization and significantly accelerate the energy transition in developing countries. With strong, committed partners, I’m certain that this platform will be transformative in the pursuit of a just, inclusive, and prosperous future.”

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Mohammed Saif Al Suwaid, Director-General, ADFD, said, “Today’s agreement reflects our commitment to our sustainability goals. The ETAF platform supports the strategic objective of the UAE to unite global efforts to address climate change through the promotion of renewable energy. ADFD’s funding supports the objectives of the platform, as it attracts new investment, and provides innovative solutions and financing tools to promote renewable energy in developing countries.”

“Masdar is proud to build on our already strong relationships with IRENA and ADFD by joining the ETAF platform, an important tool to help finance renewable energy projects in developing countries, and one that will leverage Masdar’s expertise as a global renewable energy powerhouse. Today’s agreement reinforces Masdar and the UAE’s steadfast commitment to supporting the developing world in the energy transition” said Mohamed Jameel Al Ramahi, CEO, Masdar.

The IRENA statement added that by joining the ETAF Platform, Masdar leverages its extensive expertise as an international renewable energy project developer and operator to increase bankability and attract investors to ETAF projects. Masdar will also provide a soft capital commitment to equity investment in projects until 2030.

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IRENA held that ETAF is a multi-stakeholder climate finance platform that aims to deploy 1.5 GW of new renewable power in developing countries by 2030. The new agreement formalises ADFD’s commitment of USD 400 million in funding and is a significant step towards the platform’s goal of securing a minimum of USD 1 billion.