Access Power, an operator of power projects in emerging markets, has announced it is accepting applications for its Access Co-Development Facility (ACF) competition for renewable energy projects in Africa.
The competition aims to provide funding, technical experience, and expertise to local power project developers with credible renewable energy projects in Africa in order to bring them to life.
From the applications received, a few successful projects will be selected by a panel of expert judges based on criteria such as commercial, technical and environmental merits, the local regulatory environment, and capability of the project team.
The winners, who will cart away with the princely sum of US$7 million, will be announced on June 22, 2016 before a live audience at the Africa Energy Forum in London.
“Through this unique facility, we hope to encourage innovation and support companies in their efforts to deliver power to places that desperately need it,” said Nasir Aku, ACF Program Manager at Access Power.
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.
Aside the prize money, Access Power will also provide the winners technical support, financial structuring and development process management.
One project, a 25MW solar project being developed in Sierra Leone by Africa Growth and Energy Solutions (AGES) has already pre-qualified for the competition.
It qualified after winning (and taking home a US$100,000 grant) the Solar Shark Tank competition at the Making Solar Bankable conference in Amsterdam on February 18, 2016.
The 2016 edition of the competition is the the second instalment. The first instalment, which took place last year, was won by Quaint Solar Energy from Nigeria and Flatbush Solar from Cameroon, who both shared the US$5 million prize.
Through this competition, Access Power 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.
Founded in 2012, Access Power MEA (‘Access’) aims to become a leading developer, owner and operator of power assets in the Middle East and Africa.