Access splits USD-5m grant between two African solar developers

Access Infra Africa unveiled on Tuesday that 70 MW of solar projects developed by Quaint Solar Energy of Nigeria and Flatbush Solar of Cameroon will share a USD-5-million (EUR 4.4m) funding award.

The private investment firm said earlier this month that Quaint, Flatbush, ADA Solar Energy and Wagonanze Investments were competing against each other for the first prize awarded by the Access Co-Development Fund (ACF). Yesterday, Access announced that Quaint and Flatbush won the inaugural ACF competition.

Quaint will use its portion of the financing to develop its 50-MW Abiba solar photovoltaic (PV) project in Nigeria. At the same time, Flatbush will spend its share on the 20-MW Maroua solar development in Cameroon.

Apart from the financing, the winners will also receive technical support from Access and will benefit from the latter’s expertise when it comes to the financial structure and development process management. Access will acquire an equity stake in the projects and finance third party development costs such as feasibility studies, grid studies, environmental and social impact assessments and other due diligence fees.

Overall, the ACF competition attracted 55 submissions in less than two months from 18 countries in Africa across various renewable energy technologies, including solar, wind, hydro and biomass.

(USD 1.0 = EUR 0.877)

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