The Dubai-based power assets developer, Access Power, stated that this year the clean energy funding scheme is being backed by the US government’s Power Africa.
The ACF is a $7 million financial support mechanism that was established to provide African power project developers with project development support, technical experience, expertise and funding required to bring their renewable energy projects to life.
Clean energy funding scheme
A company statement highlighted that this year’s competition aims to further build on the success of the previous two years where a total of five projects passed the final round of selection and three projects successfully executed joint development agreements with Access Power.
Likewise, the 2017 finalists will once again be evaluated and scored by an independent panel of industry experts comprised of senior representatives from Power Africa, InfraCo Africa, Proparco, the Dutch Development Bank (FMO) and Access Power.
The release also noted that the panel will provide the power assets developer with recommendations on the commercial, technical, social and environmental viability of each project based on a host of market, regulatory, environmental and economic factors.
Opportunity for pioneering entrepreneurs
Commenting on the development, Access Power’s executive chairman, Reda El Chaar, said: “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.”
“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% increase on the previous edition. 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.”
Power Africa’s coordinator Andrew Herscowitz, commented: “The ACF is an exciting concept, and we are delighted to see Access Power’s efforts to transform power delivery and access across Africa.
“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.”
Applications for 2017 clean energy funding will open in March 2017 and the submission period runs from March to May 2017.
Featured image: Tech Cape Town