The International Renewable Energy Agency (Irena), headquartered in Abu Dhabi, invited on Tuesday applications for the first tranche of $350 million funding to boost renewable energy in developing countries.

Applications, which will be accepted until 12 January, are open to government-led or -guaranteed projects in Irena member and applicant countries from the developing world, said a statement from Irena.

Broadening energy access is crucial to achieving development goals, and renewable energy offers the opportunity to power communities not served by conventional energy.  But mobilising finance remains a major challenge.

The UAE has committed to providing $350 million to renewable energy projects endorsed by Irena over seven funding cycles, through the Abu Dhabi Fund for Development (ADFD). The first funding cycle offers $50 million.

Irena has developed evaluation guidelines to select projects for funding that are innovative and replicable, broaden access to energy.  Shortlisted projects will be sent to the ADFD for final selection.

"The time has never been better for promoting renewable energy in the developing world," said Frank Wouters, Irena Deputy Director-General. "Costs have fallen, demand is growing, and renewables offer an unprecedented opportunity to broaden access.

“But we need finance to make this a reality. With this new facility, the Abu Dhabi Fund for Development and Irena are making innovative renewable energy projects bankable and providing opportunities for new renewable energy businesses to grow in energy-poor areas", he added.