Largest privately funded Africa power development company launched
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Access Power MEA, a power project developer focused on the Middle East and Africa, and EREN, a renewable energy developer, have launched Access Infra Africa, a vehicle that will invest in the early stage development of power projects in Africa.
Access Power MEA, a power project developer focused on the Middle East and Africa, and EREN, a renewable energy developer, have launched Access Infra Africa, a vehicle that will invest in the early stage development of power projects in Africa.
Access Infra Africa will be the largest privately funded vehicle of its kind.
The partners intend to implement a development plan leading to the realization of a portfolio of power assets in Africa worth over $500m.
Reda El Chaar, Chairman of Access, said: “Africa’s energy sector and wider economy could be transformed by the billions of dollars of financing available for Africa. However, this funding cannot have an impact without well-resourced and experienced developers willing to take early-stage project risk and turn good concepts into bankable projects.”
Under the agreement, EREN will acquire a strategic equity stake in Access and a seat at the board of Access.
David Corchia, CEO of EREN Développement, said: “Access Infra Africa perfectly illustrates EREN’s strategy of developing renewable projects in areas of the world where renewable energy represents a competitive answer to growing local energy needs, such as Africa. We are thrilled to bring our global expertise in the field of renewable energy to Access’ world-class team and strong regional presence.”
On January 4, 2015, the Access Infra Africa consortium was prequalified by Egypt’s Ministry of Electricity to develop large scale wind and solar power plants as part of the first round of Egypt’s renewable energy procurement program.
In December 2014, Access was awarded the contract to build, own and operate the first solar power plant in Uganda, a 10 MWp solar photovoltaic facility in Soroti, Northeastern Uganda.
Once complete, the plant will be the second largest privately owned solar PV project in Africa excluding South Africa.
El Chaar added: “We are delighted to be joining forces to develop sustainable and affordable power assets across Africa which today houses seven out of the ten world’s fastest growing economies.”