IRENA’s energy transition finance platform gets $400m in funding

The platform targets to deploy 1.5W of new renewable power across developing countries by 2030.

The International Renewable Energy Agency (IRENA) has signed agreements that formalise the investment of $400m in its Energy Transition Accelerator Financing (ETAF) platform. 

The ETAF platform is a multi-stakeholder climate finance platform that targets to deploy 1.5 gigawatts of new renewable power in developing countries by 2030. 

This also puts the platform closer to its goal of securing a minimum of $1b funding. 

“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,” Francesco La Camera, Director-GEneral of IRENA, said. 

“With strong, committed partners, I’m certain that this platform will be transformative in the pursuit of a just, inclusive, and prosperous future.”

The agreements were signed with the Abu Dhabi Fund for Development (ADFD), and The Abu Dhabi Future Energy Company, also known as Masdar.  

Masdar’s participation in the platform also leverages its expertise in developing renewable energy projects. It will also be providing a soft capital commitment to equity investment in projects until 2030.