Abu dhabi: The International Renewable Energy Agency (IRENA) signed a collaborative partnership agreement with Etihad Credit Insurance (ECI). ECI is bringing a suite of innovative credit insurance and risk mitigation solutions that are highly complementary to ETAF, the Energy Transition Accelerator Financing platform.
According to Emirates News Agency, ECI has a broad geographic footprint covering 110 countries, with a particular focus on Africa, Central Asia, the Middle East and Gulf Cooperation Council (GCC), South and Southeast Asia, and the Comprehensive Economic Partnership Agreement (CEPA) partner countries. Francesco La Camera, Director-General of IRENA, noted that while IRENA works with global members and funding partners to facilitate renewable energy project financing, perceived risks in developing markets often constrain investment. ECI's involvement in IRENA's ETAF Platform aims to attract financing for projects through targeted risk mitigation solutions, helping to close this gap and catalyse greater investment in the energy transition.
Raja Al Mazrouei, Chief Executive Officer of ECI, stated that the partnership with IRENA represents a significant step forward in accelerating the global transition to a sustainable, low-carbon future. ECI seeks to address financing and risk-related challenges to scale renewable energy investments, particularly in emerging and high-growth markets. By providing comprehensive credit insurance and risk mitigation solutions to ETAF-supported projects, ECI aims to enhance investor confidence, unlock greater capital flows, and improve the bankability of clean energy initiatives. This collaboration aligns with ECI's commitment to advancing climate action, supporting sustainable economic development, and strengthening international cooperation in line with the United Nations Sustainable Development Goals and the UAE's Net Zero 2050 ambitions.
Established in 2021, the ETAF Platform combines project facilitation, financing matchmaking, and access to risk-mitigation solutions to advance viable projects from pipeline to financing. It also aligns with country energy transition priorities, climate commitments, and sustainable development goals. The partnership between IRENA and ECI will enable combining the institutions' project original channels and network of partners on a single platform-the ETAF-maximizing chances for renewable energy projects across the globe to secure financing and commence construction.
ECI's involvement increases ETAF's partner count to 15, with pledges totaling US$4.15 billion, highlighting its role as one of the most inclusive financing and de-risking platforms for a renewable-based energy transition.