Access Power picks 3 schemes in USD-7m pot for African renewables

Dubai-based Access Power on Wednesday selected three renewable energy projects, totaling 100 MW, as the winners in its USD-7-million (EUR 6.2m) co-development competition for renewable energy projects in Africa.

Details are available in the table below:

A panel of expert judges chose the winners among the five shortlisted project developers during the Africa Energy Forum in London on June 22. The three schemes were be selected based on a number of factors such as the commercial, technical and environmental merits of each project, as well as the local regulatory environment and capability of the project team.

The winners are now to sign a joint development agreement with Access Power, which will take an equity stake in the projects and fund third-party development costs such as feasibility studies, grid studies, due diligence fees, environmental and social impact assessments. Access Power will also provide technical support, financial structure and development process management.

“There is still a massive, urgent need for electrification in Africa and we firmly believe that renewable energy will be a significant part of the solution,” executive chairman, Reda El Chaar, said. Once up and running, the three plants are expected to be able to generate enough electricity to power some 340,000 households.

This is the second edition of the so-called Access Co-Development Facility (ACF) and the emerging markets-focused company has increased the funding pot from USD 5 million last year. It received a record 96 applications from 25 countries. In round one, the firm got 55 submissions from 18 countries across Africa.

(USD 1.0 = EUR 0.879)

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