Last month, Access Power announced that five projects had been shortlisted for the ‘Access Co-Development Facility’ (ACF) competition, which was launched in April this year.
The entrepreneurs were competing for share in the innovative $7 million funding as well as support platform for renewable energy projects in Africa.
ACF is now on its third edition this year and is being deployed in partnership with EREN Renewable Energy.
Winning renewable energy technologies
The three winning projects, hailing from Tanzania, Rwanda and Ghana, were selected from a technologically and geographically diverse pool of 82 entrants from 23 countries after having presented to a live panel of industry expert judges. Read more…
According to a company statement, the panel based their final selection on the commercial, technical and environmental merits of the projects presented, as well as the local regulatory environment and capability of the project teams.
The winners include:
- Tanzania: 30MW, Kondoa, Solar PV project
- Rwanda: 9.7MW, Rukarara, Hydro project
- Ghana: 48MW, Winneba, Wind project
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, the press release noted.
[quote]The winners were announced on Wednesday in Copenhagen at the 19th annual Africa Energy Forum, following a presentation by the five shortlisted developers to a panel of expert judges.
Executive Chairman of Access Power, Reda El Chaar, said: “Each of these projects has the power to dramatically improve the lives of the communities around these renewable energy facilities.
“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.”
Joint development agreements
The winning projects will now enter into joint development agreements with Access Power, who will take an equity stake.They will also receive assistance with the funding of third-party development costs including feasibility studies, grid studies, environmental and social impact assessments and due diligence fees.
This year’s competition is reported to have been notably dominated by solar, with just under half of the entries and three of the five shortlisted projects falling under the category, but also for the high number of applications from countries with low levels of electrification.
Of the 23 countries represented in this year’s edition, 18 have electrification rates below 30%.
This year’s application process also further highlighted the rise of East and West Africa as hotspots for renewable energy development, with nearly 80% of all applicants hailing from both sides of the continent. Read more…
Featured image: 123rf