Menu

Access Power, a Dubai-based renewable energy company, has launched the 2017 edition of its Access Co-Development Facility (ACF) competition, according to a statement released on Wednesday.

The ACF is a $7 million financial support mechanism designed to provide 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 official opening of the 2017 ACF submissions process was announced today at the Power Africa Annual Partners Meeting held in Washington, D.C.

“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, Access Power.

ACF 2017 will build on the two previous editions where a total of five projects passed the final round of selection and three projects successfully executed joint development agreements with Access Power. This year’s finalists will be evaluated by an independent panel of industry experts comprised of senior representatives from Access Power, Power Africa, InfraCo Africa, Proparco, the Dutch Development Bank (FMO).

Two Nigerian renewable energy projects have emerged among the winners of the ACF. Mentach Energy, which seeks to develop a 50MW wind power project in Lagos State, was named in as a 2016 ACF winner. Quaint Global Energy Solutions, developers of the 50MW ABIBA solar project in Kaduna State, was also selected among the three winners of the 2015 ACF.

“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,” El Chaar said. “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.”

The winners of ACF 2017 will be announced during a live final evaluation panel on June 7th during the Africa Energy Forum in Copenhagen. The three finalists will subsequently sign a Joint Development Agreement with Access Power, which will take an equity stake in the projects and commence independently funding their third-party development costs such as feasibility studies, grid studies, environmental and social impact assessments and due diligence fees.

“The ACF is an exciting concept, and we are delighted to see Access Power’s efforts to transform power delivery and access across Africa,” said Andrew Herscowitz, Power Africa Coordinator. “The ACF demonstrates how Power Africa’s private sector partners are working to help accelerate progress towards our shared goals of increasing new electricity generation capacity and increasing household and business connections in Sub-Saharan Africa.”