Last week, Dubai-based power company Access Infra Africa launched the Access Co-Development Fund (ACF), a $5 million competition to fund renewable energy start-up companies across Africa.
Winning projects will enter into a Joint Development Agreement with Access, which will see Access take an equity stake and fund third-party development costs related to the projects, such as feasibility studies, grid studies, environmental and social impact assessments and other due diligence fees.
The power company will also provide technical support, financial structuring and development process management.
Renewable energy competition
Energy entrepreneurs have between 1 April and May 20 2015 to submit their entries.
Access will shortlist five projects, which will undergo a final screening by an expert panel during the 2015 Africa Energy Forum in Dubai, United Arab Emirates, on June 11.
Reda El Chaar, chairman of Access Power, said: “Access Co-Development Fund 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 organisations,” Chaar added.