Three African projects win $7 million renewable energy prize

09 Jun 2017
Financial Nigeria

Summary

When completed, the projects will collectively provide over 85MW of electricity, enough to power more than 420,000 homes and business across Tanzania, Rwanda and Ghana.

Winners of 2017 Access Co-Development Facility

Access Power, a Dubai-based renewable energy company, has announced the three winners of the 2017 Access Co-Development Facility (ACF). The winners were announced yesterday in Copenhagen at the 19th annual Africa Energy Forum, according to a statement.

The ACF is a $7 million facility provided for selected renewable projects in Africa. The facility aims to bridge the gap between early-stage renewable energy projects and the resources – particularly funding and technical expertise – they require to become operational.

The three winners are: a 48 MW wind project in Winneba, Ghana; a 9.7 MW hydro project in Rukarara, Rwanda; and a 30 MW solar photovoltaic project in Kondoa, Tanzania. The winners – who will share the $7 million prize – were selected by a panel of judges based on their commercial, technical and environmental merits, as well as the local regulatory environment and capability of the project teams.

When completed, the projects will collectively provide over 85MW of electricity, enough to power more than 420,000 homes and business across Tanzania, Rwanda and Ghana.

“Each of these projects has the power to dramatically improve the lives of the communities around these renewable energy facilities,” said Reda El Chaar, Executive Chairman of Access Power.

“By partnering with us, these local entrepreneurs will gain access to not only our pot of $7 million but also our network of contacts and technical experts, underlining the unique nature of the ACF in creating a clear route to market.”

Access Power will take an equity stake in the winning projects after the signing of joint development agreements (JDAs). The company will also assist the winners with the funding of third-party development costs, including feasibility studies, grid studies, environmental and social impact assessments and due diligence fees.

In last two editions of the ACF, two Nigeria-based projects were selected as winners: a 50 MW ABIBA solar project in Kaduna State, which was selected among the three winners in 2015; and 50 MW wind power project in Lagos State, which shared the prize in 2016.


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