Access Unveils $5 Million Renewable Energy Competition
Access Infra Africa (Access), a developer, owner and operator of power assets in Africa, has unveiled the Access Co-Development Fund (ACF), a US$5 million competition designed to bridge the gap between early stage renewable energy projects in Africa, and the expertise and funding they require to come into operation.
Open to entries between 1st April and 20thMay, the ACF will shortlist up to five projects from those submitted for a final round of screening by a panel of experts to take place on 11th June 2015, during the 2015 Africa Energy Forum (‘AEF’) in Dubai, United Arab Emirates.
The winning project(s) from the AEF final round will enter into a Joint Development Agreement with Access, the Chairman of Access Power for Middle East and Africa, Reda El Chaar, said.
He said: “Under this agreement, Access will take an equity stake in the successful project(s), and fund third party development costs related to the project(s), such as feasibility studies, grid studies, environmental and social impact assessments and other due diligence fees. The successful project(s) will also be able to draw upon Access’ expertise for technical support, financial structuring and development process management.”
Mr. said El Chaar explained: “ACF is a unique platform, bringing together the funding and expertise renewable energy project originators and developers across Africa need to succeed. The inaugural ACF will be an exciting feature of this year’s Africa Energy Forum, and we are confident that the ACF will develop in subsequent years into a platform that attracts early stage funding from Development Financing Institutions, International Financing Institutions and various donor organisations.”
Project originators and developers interested in applying to the inaugural ACF have until 20th May 2015 to enter, according to the Chairman of the Dubai-based company.
Source: Ghanaian Chronicle