In April, a funding competition for US$5 million to co-develop up to give renewable energy projects in Africa was launched.
Access Infra Africa, a joint venture between France’s Eren Developpement and United Arab Emirates’ Access Power, designed the Access Co-development Fund (ACF) to help local project developers to gain the experience and funding required to complete power projects.
Selected project developers will enter into a Joint Development Agreement with Access Infra Africa, which will take an equity stake in the project alongside the developer.
The Access Co-development Fund (ACF) is designed to serve as a unique platform to bridge the gap between local power project developers/originators and the technical experience/funding required to bring renewable projects to life.
Access will provide technical support, financial structuring and development process management as well as funding all third party development costs related to the project such as feasibility studies, grid studies, environmental and social impact assessments and due diligence fees.
Reda El Chaar, Executive Chairman of Access, said: “Africa’s power sector and wider economy could be transformed by the billions of dollars of financing available for Africa. However, this funding cannot have an impact without well-resourced and experienced developers willing to take early-stage project risk and turn good concepts into bankable projects. As such, investment into the early stage development of projects forms the corner stone for the realisation of the African growth opportunity.”
Karim Megherbi, programme director for the fund and Access Power's regional head for West Africa said he expected numerous proposals from solar developers to the fund.
“What is unique about this fund is that it is 100 percent privately financed and managed. It’s not just about financing, it’s about bringing the expertise and having a team fully supporting the developer on a daily basis in order to reach financial close on these projects,” Megherbi said.
Karim Megherbi will be a speaker at Solar & Off-Grid Renewables West Africa in Accra, Ghana, on 21 and 22 April, 2015. Hosted by PV Tech's publisher, Solar Media, the event will feature a top-level line up of speakers from government and industry discussing the prospects and challenges for solar in West Africa.
Applications are welcome for early stage power projects in Africa that meet the criteria outlined in the application guidelines which you can download at http://www.access-power.com/access-co-development-fund-acf-launched/
The deadline for submission is May 20, 2015.
Applicants will be screened by a multi-disciplinary panel of judges and the top five shortlisted projects will be invited to Dubai for a final round of selection which will take place during the Africa Energy Forum on 11 June, 2015. The judging panel will be composed of senior representatives from Access, Eren, IFC, FMO and Trinity LLC.
All queries should be directed to ACF@access-power.com. For the latest developments and updates, follow Access on twitter: @AccessPowerMEA.