Access Power launches $7m competition for African energy projects

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Access Power launches $7m competition for African energy projects

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Emerging markets power project developer Access Power has launched the third edition of its Access Co-Development Facility (ACF) competition, which offers US$7 million in funding to winning renewable energy projects.

Access Power, in partnership with Power Africa, will provide selected local power project developers and originators with project development support, technical experience, expertise and funding required to bring their renewable energy projects to life.

The latest ACF competition aims to further build on the success of the previous two years where a total of five projects passed the final round of selection, with three projects successfully executing joint development agreements with Access Power.

This year’s finalists will be evaluated and scored by an independent panel of industry experts comprised of senior representatives from Power Africa, InfraCo Africa, Proparco, the Dutch Development Bank (FMO) and Access Power, with winners announced during a live final evaluation panel on June 7 during the Africa Energy Forum in Copenhagen.

The top three finalists will subsequently enter into direct Joint Development Agreement (JDA) discussions with Access Power. Once these are successfully concluded, Access Power will take an equity stake in those projects and commence independently funding their third-party development costs.

“As a Power Africa partner ACF will draw on a wider communication platform – enabling us to reach a bigger network of innovative and pioneering entrepreneurs across Africa with the opportunity to develop their ambitious ideas into tangible projects,” said Reda El Chaar, executive chairman of Access Power.

“Last year was another highly successful year for the competition as we received nearly 100 submissions from over 25 countries across the full spectrum of renewable technologies, a 75 percent increase on the previous edition. This is a chance to shine a spotlight on ideas and showcase talent. We are delighted to see the competition develop as word spreads about the possibilities it can bring.”