Access Infra Africa launches $5mn renewable fund
Selected companies will partner up with newly formed joint venture.
Access Infra Africa has launched a $5mn fund to promote renewable energy projects in Africa.
The Access Co-Development Fund (ACF) is designed to bridge the gap between early stage renewable energy projects and the expertise and funding they require to come to operation.
Open to entries until 20 May, the ACF will short list up to five projects for a final round of screening by a panel of experts to take place on 11 June during the 2015 Africa Energy Forum (AEF) in Dubai.
The winning entries will enter into a Joint Development Agreement with Access, a developer, owner and operator of power assets in Africa.
Under this agreement, Access will take an equity stake in the successful projects and fund third party development costs such as feasibility studies, grid studies, environmental and social impact assessments and other due diligence fees.
Successful entries will also be able to draw upon Access’ expertise for technical support, financial structuring and development process management.
Reda El Chaar, chairman of Access Power MEA, said: “ACF is a unique platform bringing together the funding and expertise renewable energy project originators and developers across Africa need to succeed.
“The inaugural ACF will be an exciting feature of this year’s Africa Energy Forum and we are confident that the ACF will develop in subsequent years into a platform that attracts early stage funding from Development Financing Institutions, International Financing Institutions and various donor organizations.”