Access Power shortlists 5 schemes in USD-7m pot for African renewables

Dubai-based Access Power has shortlisted five candidates in its USD-7-million (EUR 6.1m) co-development competition for renewable energy projects in Africa.

Details are available in the table below:

The next step for the shortlisted project developers is to attend the Africa Energy Forum in London on June 22 in order to present their project to a panel of expert judges. Up to three schemes will be selected during the event, 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 will 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.

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.

“The volume and standard of project proposals [...] demonstrates the growing sophistication of the renewable energy landscape across the continent which will help meet Africa’s massive and urgent need for electrification,” ACF 2016 programme manager, Nasir Aku, said.

(USD 1.0 = EUR 0.877)

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