Renewable loan

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“Inadequate & unreliable power supply [in] sub-Saharan Africa” says Norfund CEO

Dubai Access Power MEA and French Renewable energy firm Eren have joined forces to develop Access Infra Africa, a $500 million private investment fund for new power projects in Africa.green3

‘Our portfolio will definitely be more weighted to renewables than conventional power but there is nothing by mandate that prevents us from doing conventional power’, Access Power chairman Reda El Chaar told Gulf News.

Eren will own 20% equity in the venture and take a seat on the board where they will finance 70% of the total cost needed to achieve their Africa objectives. The remainder 30% will be provided by Access Power, according to El Chaar.

El Chaar assured the dedication of the partners in achieving their goals. ‘An aggressive expansion plan over the next five years that will probably show additional funding from many different sources coming into Access, possibly as equity or debt or a mix’, he said.

Access Power was awarded a $17 million deal to develop a solar park in Uganda in December 2014.

(Pic Credits: green energy indonesia)