Access shortlists four for $5mn renewable prize
Entries from Nigeria, Ghana, Cameroon and Tanzania vie for title on Thursday.
Access Infra Africa (Access) has revealed four finalists for its $5mn African renewable energy competition launched in April.
Projects from Nigeria, Cameroon, Ghana and Tanzania made the shortlist to contest the final on Thursday, 11 June at the Africa Energy Forum in Dubai.
Nigeria’s Quaint Global Energy Solutions (50MW solar), Flatbush Solar of Cameroon (20MW), Ghana’s ADA Solar (20MW) and Wagonanze Investments of Tanzania (10MW solar) all made the final cut.
The winning project or projects will enter into a Joint Development Agreement with Access, under which Access will take an equity stake and fund third party development costs such as feasibility studies, grid studies, environmental and social impact assessments and other due diligence fees.
Access will also support the winner(s) with technical support, financial structure and development process management.
The Access Co-Development Fund (ACF) aims to bridge the gap between early stage African renewable energy projects and the expertise and funding they require to become operational.
The inaugural ACF received 55 submissions from project originators in 18 countries across Africa, including Cameroon, Kenya, Nigeria, South Africa, Morocco, Ghana, Rwanda and Tanzania.
The submissions covered a range of renewable energy technologies including solar, wind, hydro, hybrid and bio-mass.
Reda El Chaar, Chairman of Access Power MEA, said: “The submission of 55 projects in less than two months far exceeded our expectations and we are looking forward to an exciting conclusion at the Africa Energy Forum in Dubai.
“This fantastic response clearly demonstrates the significant potential of renewable energy to support economic growth and development across Africa, from Cape Verde to Kenya, and from Morocco to South Africa.
“It is not only funding that is critical to the success of early stage projects, but also technical support and guidance from experienced partners. We designed the ACF to help bridge this gap, and we are confident it will have a positive impact, not only this year but also in future years as the competition grows,” he added.