Nigeria, and about 119 other developing countries will have a fresh opportunity to tap into a $50 million funding pool available to support the building of multiple renewable energy projects to provide clean electricity to people within the beneficiary countries, the International Renewable Energy Agency (IRENA) has disclosed.
IRENA, on Thursday announced it has opened up the seventh funding cycle of the funding initiative it set up with the Abu Dhabi Fund for Development (ADFD). Nigeria is one of the 159 member countries of IRENA, and so eligible to support projects of clean energy operators to apply for the funding. It noted that more than 120 developing countries will be eligible to apply in the new cycle to support replicable, scalable and transformative renewable energy projects in them.
It explained that ADFD committed $350 million in concessional loans, over seven annual funding cycles, to renewable energy projects recommended by it, adding that proposals for projects would be accepted by it through November 2018 and February 2019, and from which selected projects would enjoy funding support of between $5 and 15 million covering up to 50% of the total project cost.