Access Power and FMO launch second edition of Solar ‘Shark Tank’ Competition for Innovative Solar Projects
November 22, 2017
|Access Power and FMO launch second edition of Solar ‘Shark Tank’ Competition for Innovative Solar Projects|
|Submission window opens as Solar Projects Compete for US$ 100,000 Grant to Develop their Projects|
|DUBAI, United Arab Emirates, November 20, 2017/ — FMO (www.FMO.nl), the Dutch development bank, and Access Power (www.Access-Power.com), a leading developer, owner and operator of power projects in emerging markets, today announced the launch of the 2018 FMO Access Power Solar ‘Shark Tank’ Competition following the competition’s successful first installment in 2016 at the ‘Making Solar Bankable’ conference. The initiative is aimed at helping local solar power developers that require development support to make their innovative solar projects more impactful.
In order to be considered for the grant, the proposed projects must be located in Asia, Africa or Latin America and be based on solar PV technology. They should also meet the capacity criterion of 10MW or more, and be at an advanced stage of development (preliminary feasibility studies should have been completed). Furthermore, eligible projects should have an innovative or impactful angle to the project that can be developed with support of the grant.
Proposals will be screened and scored by a pre-selection committee assembled by FMO and Access Power. Four shortlisted finalists will be invited to present their projects and answer questions from a panel of judges in front of a live audience on the 15th of February 2018 during the second edition of the ‘Making Solar Bankable’ conference, co-organized by FMO and Solarplaza in Amsterdam, Netherlands on 15 and 16 February. The winning project will be announced at the end of the session during the event.
The winner will receive a $100,000 grant towards the development costs of their project from FMO and Access Power. In addition to that, Access Power will pre-qualify the winning proposal of the Solar Shark Tank competition for the 2018 edition of the Access Co-Development Facility (ACF) (https://goo.gl/76qvjJ) competition, subject to meeting ACF qualification requirements. Access Power will provide the ACF winner with technical support, financial structuring and development process management.
Reda El Chaar, Executive Chairman of Access Power, commented:
Jurgen Rigterink, CEO of FMO, added:
About Solar Shark Tank 2018
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.
FMO (www.FMO.nl) is the Dutch development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development, and has a more than
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