June 09, 2015
ACCESS INFRA AFRICA REVEALS FINALISTS OF US$ 5 MILLION COMPETITION FOR EARLY STAGE RENEWABLE ENERGY PROJECTS IN AFRICA
Expert panel of judges to select winner(s) at Africa Energy Forum 2015 in Dubai
Dubai, UAE: Access Infra Africa (‘Access’), a developer, owner and operator of power assets in Africa, today announced the four finalists of the Access Co-Development Fund (‘ACF’), a US$ 5 million competition launched in April 2015 to bridge the gap between early stage African renewable energy projects and the expertise and funding they require to become operational.
The inaugural ACF received 55 submissions from project originators in 18 countries across Africa, including Cameroon, Kenya, Nigeria, South Africa, Morocco, Ghana, Rwanda and Tanzania. The submissions covered a range of renewable energy technologies including solar, wind, hydro, hybrid and bio-mass.
Having reviewed all submissions, Access short-listed four projects to contest the final round of the ACF at a live session on the main stage of the Africa Energy Forum (‘AEF’) at 2 pm on Thursday 11th June 2015. The finalists are:
· Quaint Global Energy Solutions: 50 MW solar project, Nigeria
· Flatbush Solar: 20 MW solar project, Cameroon
· ADA Solar Energy: 20 MW solar project, Ghana
· Wagonanze Investments: 10 MW solar project, Tanzania
The winning project(s) will enter into a Joint Development Agreement with Access. Under this agreement, Access will take an equity stake in the winning project(s) and fund third party development costs such as feasibility studies, grid studies, environmental and social impact assessments and other due diligence fees. Access will also support the winner(s) with technical support, financial structure and development process management.
At the AEF, the finalists will present their projects to an expert panel of judges:
· Stephane Bontemps, Managing Director, Access Power MEA (Moderator)
· Bertrand Heysch de la Borde, Head of Africa for Infrastructure, International Finance Corporation
· Paul Biggs, Lead Partner, Trinity LLP
· Aart Mulder, Manager Energy Project Finance, FMO
· Emmanuelle Matz, Head of Infrastructure & Mining Division, PROPARCO
Reda El Chaar, Chairman of Access Power MEA, said: “The submission of 55 projects in less than two months far exceeded our expectations and we are looking forward to an exciting conclusion at the Africa Energy Forum in Dubai. This fantastic response clearly demonstrates the significant potential of renewable energy to support economic growth and development across Africa, from Cape Verde to Kenya, and from Morocco to South Africa.
“It is not only funding that is critical to the success of early stage projects, but also technical support and guidance from experienced partners. We designed the ACF to help bridge this gap, and we are confident it will have a positive impact, not only this year but also in future years as the competition grows,” he added.
Access Power MEA (‘Access’) 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 ~30 GW of power projects across the globe with a specific focus on the MEA region. 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 $500 million in renewable energy assets. Access Infra Africa is technology agnostic and focuses on developing affordable and sustainable power assets.
For more information visit www.access-power.com
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