Three African renewable energy projects announced as winners of the US$7million Access Co-Development Facility competition
When completed, the projects will collectively provide over 85MW of electricity, enough to power more than 420,000 homes and business across Tanzania, Rwanda and Ghana.
COPENHAGEN, Denmark, June 8, 2017/ — Access Power (“Access”) (www.Access-Power.com), a developer, owner and operator of renewable power projects in emerging markets in partnership with EREN Renewable Energy (www.EREN-Groupe.com) a global independent power producer, are delighted to announce the three winners of the 2017 US$7 million Access Co-Development Facility (ACF) – an innovative funding and support platform for renewable energy projects in Africa.
The three winning projects, hailing from Tanzania, Rwanda and Ghana, were selected from a technologically and geographically diverse pool of 82 entrants from 23 countries after having presented to a live panel of industry expert judges. The panel based their final selection on the commercial, technical and environmental merits of the projects presented, as well as the local regulatory environment and capability of the project teams. The winners will share the US$7 million pot provided by the Access Co-Development Facility as well as technical support and expertise.
This year’s winners are:
- Tanzania: 30MW, Kondoa, Solar PV project
- Rwanda: 9.7MW, Rukarara, Hydro project
- Ghana: 48MW, Winneba, Wind project
When completed, the projects will collectively provide over 85MW of electricity, enough to power more than 420,000 homes and business across Tanzania, Rwanda and Ghana. The winners were announced today in Copenhagen at the 19th annual Africa Energy Forum, following a presentation by the five shortlisted developers to a panel of expert judges.
Reda El Chaar, Executive Chairman of Access Power said: “We are very excited to begin working with today’s winners in partnership with EREN and help bring their projects to fruition. Each of these projects has the power to dramatically improve the lives of the communities around these renewable energy facilities.
“By partnering with us, these local entrepreneurs will gain access to not only our pot of $7 million but also our network of contacts and technical experts, underlining the unique nature of the ACF in creating a clear route to market.”
The winning projects will now enter into Joint Development Agreements with Access Power, who will take an equity stake. Winners will also be able to leverage Access Power’s organisational, financial and technical knowledge, as well as access to our network. They will also receive assistance with the funding of third-party development costs including feasibility studies, grid studies, environmental and social impact assessments and due diligence fees.
This year’s competition was notable for the dominance of solar, with just under half of this year’s entries and three of the five shortlisted projects falling under the category, but also for the high number of applications from countries with low levels of electrification. Of the 23 countries represented in this year’s edition, 18 have electrification rates below 30%. This year’s application process also further highlighted the rise of East and West Africa as hotspots for renewable energy development, with nearly 80% of all applicants hailing from both sides of the continent.
Access Power (www.Access-Power.com) is a fast growing developer owner and operator of power assets in emerging and frontier markets and is currently developing power projects worth over US$1 billion in 23 countries across Africa and Asia. In late 2016, Access Power commissioned East Africa’s largest solar power plant in Soroti Uganda which currently provides clean energy for over 40,000 homes, schools and small businesses. Our development team has a depth of experience in developing and building large portfolios of renewable energy projects, with a collective track record of financially closing 30 GW of power projects across the globe.
Founded in 2012 by Pâris Mouratoglou and David Corchia and based in Paris, EREN Renewable Energy (“EREN RE”) (www.EREN-Groupe.com) benefits from renowned expertise and a unique know-how in the renewable energy sector. Along with local and exclusive partners, EREN RE targets geographical zones with high-quality wind and solar resources, and emerging markets with strong economic potential and growing energy needs. In only 4 years, EREN RE has accumulated a solid and diversified asset portfolio (wind, solar and hydroelectric) with more than 555 MW in operation and under construction, located in Europe, Asia, Africa and Latin America. EREN RE also has more than 1,500 MW of renewable energy projects in development.
