Access, Eren form USD-500m renewables investment vehicle for Africa

Dubai-based solar developer Access Power MEA and French firm Eren Developpement SAS target a USD-500-million (EUR 424m) portfolio of African renewable energy assets through joint investment vehicle Access Infra Africa.

The newly formed entity will target early stage projects on the continent, with a focus on solar energy. As part of the partnership, Eren will also take a stake in Access.

The two companies have already been prequalified to build wind and solar parks in Egypt, as part of the country’s push to install 2,300 MW of solar photovoltaics (PV) and 2,000 MW of wind power capacity. Last week it was announced that Access Infra Africa wants to build 300 MW of renewables in Egypt. It will make a decision on the exact size of its investment by end-March 2015 as the local energy ministry first to provide more clarity on its procurement strategy.

In December, Access Power MEA also said it has won the bid to develop Uganda’s first solar power facility, which will have a capacity of 10 MWp.

Eren Developpement is part of France's Eren Group.

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