Access and EREN target Africa power projects
Pair launch largest privately funded Africa focused power development company.
Access Power MEA (Access), a UAE-based power project developer focused on the Middle East and Africa, and EREN, a leader in renewable energy, today announced the launch of Access Infra Africa, a vehicle that will be dedicated to invest in the early stage development of power projects in Africa.
Access Infra Africa will be the largest privately funded vehicle of its kind. The partners intend to implement an ambitious development plan leading to the realization of a portfolio of power assets in Africa worth over $500mn.
Under the agreement, EREN will acquire a strategic equity stake in Access and a seat at the board of Access.
David Corchia, CEO of EREN Developpement, said: “Access Infra Africa perfectly illustrates EREN’s strategy of developing renewable projects in areas of the world where renewable energy represents a competitive answer to growing local energy needs, such as Africa. We are thrilled to bring our global expertise in the field of renewable energy to Access’ world-class team and strong regional presence.”
Reda El Chaar, chairman of Access, said: “EREN and its founders, are without a doubt, global pioneers of renewable energy. We are delighted to be joining forces to develop sustainable and affordable power assets across Africa which today houses seven out of the ten world’s fastest growing economies.”
El Chaar added: “Africa’s energy 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.”
On 4 January, the Access Infra Africa consortium was prequalified by Egypt’s Ministry of Electricity to develop large scale wind and solar power plants as part of the first round of Egypt’s renewable energy procurement program.
Once complete, the plant will be the second largest privately owned solar PV project in Africa excluding South Africa.