The European Bank for Reconstruction and Development (EBRD) and the International Renewable Energy Agency (IRENA) have signed a memorandum of understanding (MoU) to accelerate the efforts to increase the use of renewable power in EBRD countries of operation.

According to the MoU, EBRD and IRENA have agreed to provide technical assistance and increase the capacity for creating a framework to facilitate rapid growth of renewable energy.

The companies will develop renewable energy projects that can be financed by private investors, EBRD and other partners.

EBRD Sustainable Infrastructure managing director Nandita Parshad said: “EBRD and IRENA share a common objective to promote the use of renewable energy.

“With this MoU, we formalise our already strong partnership, leveraging our respective strengths to attract investments and accelerate the much-needed energy transformation in our countries of operation.”

IRENA director-general Francesco La Camera said: “Renewables are the only readily available solution that will enable sustainable economic growth, close the energy and infrastructure gap and meet our climate and development ambitions at the same time.

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“Today’s strategic partnership unites IRENA’s knowledge, excellence on renewables with EBRD’s global portfolio to promote renewable energy investment.”

As one of the largest renewable energy investors in Central and Eastern Europe, Central Asia and the Southern and Eastern Mediterranean regions, EBRD aims to combat climate change by financing and promoting renewable energy projects.

The bank intends to support and help the countries that work towards building low-carbon and resilient economies through its Green Economy Transition (GET) approach.

The GET approach would increase green financing by 40% of its annual business volume this year.

Established in 2009, IRENA focuses on renewable energy and addresses the needs of both industrialised and developing countries.