US$7 Million Prize to Fund African Renewable Energy Projects
May 5, 2016
Calling all entrepreneurs and developers of renewable energy projects in Africa
- Just three weeks left for entrepreneurs to enter the ACF competition which will see developers across the continent compete for funding and expertise
- Calling all entrepreneurs and developers of renewable energy projects in Africa
Access Power , a developer, owner and operator of power projects in emerging markets, today kicked off the countdown for applications to the ACF 2016, the second edition of its successful Access Co-Development Facility (ACF) for renewable energy projects in Africa.
ACF 2016 is a competition dedicated to finding local power project developers with credible renewable energy projects in Africa who need access to funding, technical experience, and expertise to bring their plans to life.
Following the competition’s successful launch last year, the ACF increased its funding from US$5m in 2015 to US$7m for this year’s winners. Up to three successful projects will be selected by a panel of expert judges whose decision will be based on commercial, technical and environmental merits, the local regulatory environment, and capability of the project team.
The winners of ACF 2016 will be announced on Tuesday 22nd June 2016 before a live audience during the Africa Energy Forum in London (see Notes to Editors for further details). The winners will enter a Joint Development Agreement with Access Power, which will take an equity stake in the winning projects and fund third-party development costs such as feasibility studies, grid studies, environmental and social impact assessments and due diligence fees. Access Power will also provide technical support, financial structuring and development process management.
Nasir Aku, ACF Program Manager at Access Power commented, “With just one month to go until the application deadline, we want to make sure that all local developers across the African continent are aware of this fantastic opportunity to secure valuable funding and expertise that can turn an idea for a renewable energy project into reality.”
ACF 2016 is leading the way in demonstrating and supporting the type of renewable energy projects that will help meet Africa’s massive and urgent need for electrification.
“Through this unique facility, we hope to encourage innovation and support companies in their efforts to deliver power to places that desperately need it. Last year we received a total of 55 submissions from 18 countries across Africa, including solar, wind, hydro, hybrid and bio-mass projects. The applications are coming in fast so 2016 looks set to build on that success.”
The inaugural ACF in 2015 was won by Quaint Solar Energy from Nigeria and Flatbush Solar from Cameroon. Other competing projects hailed from Cape Verde, Kenya, Madagascar, South Africa, Morocco, Ghana, Rwanda and Tanzania.
One project has already pre-qualified for ACF2016. A 25MW solar project being developed in Sierra Leone by Africa Growth and Energy Solutions (AGES) won the Solar Shark Tank competition at the Making Solar Bankable conference in Amsterdam on 18th February. In a keenly fought contest, three emerging markets developers competed for a US$100,000 grant to support the development of their solar projects, funded by Access Power and Dutch development bank FMO. Part of the prize, subject to terms and conditions, was pre-qualification for ACF2016.
- The independent judging panel of four judges will include industry and legal experts as well as representatives from multilateral development banks.
- Following a pre-selection process, a shortlist of applicants will be chosen to present their projects to a panel of judges at the Africa Energy Forum in London on the 22nd June 2016.
- Applicants must present their projects to the judging panel during the Forum within a given time and take questions from panel members.
- Panel members will score each project based on the evaluation criteria, using weighted percentages.
- ACF 2016 submission period runs from 18th February to 20th May, 2016.
Access Power (‘Access’) was founded in 2012 with the aim of becoming a leading developer, owner and operator of power assets in emerging and frontier markets. Access has assembled a development team with a track record of financially closing ~30 GW of power projects across the globe. Through its various subsidiaries, Access is currently developing power assets in over 20 countries in Africa and Asia. Access’ portfolio predominantly consists of renewable energy projects with a gross total investment cost of over US$ 1 billion.
Nkemnji Global Tech
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