The fourth round of funding forms a part of ADFD’s commitment to provide $350m in concessional loans to projects endorsed by IRENA over seven funding cycles.

IRENA director-general Adnan Z. Amin said: "This new funding cycle provides another opportunity for developing countries to access low cost capital for renewable energy projects to drive an energy transition and achieve sustainable development.

"The continued partnership between ADFD and IRENA brings funding to the places where it can have the most impact and where financing is one of the greatest challenges."

The IRENA/ADFD program has already earmarked $100m to fund up to 50% of project costs for 11 renewable energy projects around the world.

The first two cycles of the program funded projects including off-grid, mini-grid and/or on-grid including backup storage and wind, solar, hydro, geothermal and biomass in Argentina, Cuba, Ecuador, Iran, Maldives, Mali, Mauritania, Samoa and St. Vincent and the Grenadines.

These projects with more than 56MW of renewable energy capacity will be brought online to supply clean electricity to close to 600,000 people and businesses.

The last date for the submission of applications for the latest funding cycle is 15 February 2016.

The program will select the projects based on technical merit, economic viability and socio-economic and environmental impact.