By Ogova Ondego
Published May 6, 2016
Entrepreneurs and developers of renewable energy projects in Africa have till May 20, 2016 to enter a competition that could see their projects funded.
Access Power (AP), a developer, owner and operator of power projects in emerging markets, is, through its second edition of Access Co-Development Facility (ACF) for renewable energy projects in Africa, behind the initiative.
“ACF 2016 is a competition dedicated to finding local power project developers with credible renewable energy projects in Africa who need access to funding, technical experience, and expertise to bring their plans to life,” Access Power says.
AP, that says its inaugural ACF contest in 2015 was successful, says it has in 2016 increased its ACF funding from US$5 million to US$7 million and that “up to three successful projects will be selected by a panel of expert judges whose decision will be based on commercial, technical and environmental merits, the local regulatory environment, and capability of the project team.”
The winners of ACF 2016 will be announced on June 22, 2016 before a live audience during the Africa Energy Forum in London, England.
“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. Access Power will also provide technical support, financial structuring and development process management,” AP says.
Nasir Aku, ACF Programme Manager at AP, says, “With just one month to go until the application deadline, we want to make sure that all local developers across the African continent are aware of this fantastic opportunity to secure valuable funding and expertise that can turn an idea for a renewable energy project into reality.”
Aku says AP, through ACF 2016, hopes “to encourage innovation and support companies in their efforts to deliver power to places that desperately need it. Last year we received a total of 55 submissions from 18 countries across Africa, including solar, wind, hydro, hybrid and bio-mass projects. The applications are coming in fast so 2016 looks set to build on that success.”
The winners of ACF in 2015 were Quaint Solar Energy from Nigeria and Flatbush Solar from Cameroon.
The ACF2016 application form and guidelines are available on Access Power website, Access-Power.com/acf-2016/.