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Access launches $5m competition for renewable energy projects in Africa

Africa Global Funds
April 1, 2015, midnight
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Access Infra Africa, a developer, owner and operator of power assets in Africa, has launched the Access Co-Development Fund (ACF), a $5m competition designed to bridge the gap between early stage renewable energy projects in Africa and the expertise and funding they require to come to operation.

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Access Infra Africa, a developer, owner and operator of power assets in Africa, has launched the Access Co-Development Fund (ACF), a $5m competition designed to bridge the gap between early stage renewable energy projects in Africa and the expertise and funding they require to come to operation.

Reda El Chaar, Chairman of Access Power MEA, said: “ACF is a unique platform bringing together the funding and expertise renewable energy project originators and developers across Africa need to succeed.”

The ACF will short list up to five projects from those submitted for a final round of screening by a panel of experts to take place on June 11, 2015 during the 2015 Africa Energy Forum in Dubai, United Arab Emirates.

The entries are open between April 1, and May 20.

“The inaugural ACF will be an exciting feature of this year’s Africa Energy Forum and we are confident that the ACF will develop in subsequent years into a platform that attracts early stage funding from Development Financing Institutions, International Financing Institutions and various donor organizations,” said El Chaar.

The winning project(s) from the AEF final round will enter into a Joint Development Agreement with Access.

Under this agreement, Access will take an equity stake in the successful project(s) and fund third party development costs related to the project(s), such as feasibility studies, grid studies, environmental and social impact assessments and other due diligence fees.

The successful project(s) will also be able to draw upon Access’ expertise for technical support, financial structuring and development process management.

Access Infra Africa is actively seeking the development of a portfolio of renewable energy projects in 15 Africa countries with the target of establishing a portfolio of $500m in renewable energy assets.

Access Power MEA was founded in 2012 with the aim of becoming a leading developer, owner and operator of power assets in the Middle East and Africa.

Access has assembled a development team with a track record of financially closing approximately 30 GW of power projects across the globe with a specific focus on the MEA region.

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