Access Power Offers $7m Prize Fund for African renewable projects

Dubai-based power assets developer, Access Power, has set 20th May 2016 as the deadline for developers of renewable energy in Africa to apply for its $7 million fund prize.

On Wednesday, AccessPower stated that the winners for the second edition of its Access Co-Development Facility (ACF) for renewable energy projects in Africa will be announced next month during the Africa Energy Forum in London.

Nasir Aku, ACF programme manager at Access Power commented, “With just one month to go until the application deadline, we want to make sure that all local developers across the African continent are aware of this fantastic opportunity to secure valuable funding and expertise that can turn an idea for a renewable energy project into reality.”

A company statement explained that the ACF competition is dedicated to finding local power project developers with credible renewable energy projects in Africa who need access to funding, technical experience, and expertise to bring their plans to life.

Aku noted: “Through this unique facility, we hope to encourage innovation and support companies in their efforts to deliver power to places that desperately need it.

“Last year we received a total of 55 submissions from 18 countries across Africa, including solar, wind, hydro, hybrid and bio-mass projects.”

Access Power multiplies funding

Following the fund’s successful launch in 2015, the ACF said it has increased its funding from $5 million to $7 million for this year’s winners. Up to three successful projects will be selected by a panel of expert judges whose decision will be based on commercial, technical and environmental merits, the local regulatory environment, and capability of the project team, the company said.

So far, one project has already pre-qualified for ACF2016. A 25MW solar project being developed in Sierra Leone by Africa Growth and Energy Solutions (AGES), which won the Solar Shark Tank competition at the Making Solar Bankable conference in Amsterdam on 18th February 2016.

“In a keenly fought contest, three emerging market developers competed for a $100,000 grant to support the development of their solar projects, funded by Access Power and Dutch development bank FMO. Part of the prize, subject to terms and conditions, was pre-qualification for ACF2016,” the company said.

ACF winners

Last year, Quaint Solar Energy from Nigeria and Flatbush Solar from Cameroon were announced as the first winners of the competition.

The 2016 winners will be required to enter a Joint Development Agreement with Access Power, which will take an equity stake in the winning projects and fund third-party development costs including feasibility studies, grid studies, environmental and social impact assessments and due diligence fees.

Access Power will also provide technical support, financial structuring and development process management for the winning projects.

The 18th Africa Energy Forum (AEF) will be hosted at the Intercontinental O2, London on 21st – 24th June 2016.

Source: ESI Africa

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