Deadline extension until 12 May for entrepreneurs to enter the Access Co-Development Facility ‘ACF’ competition to win US$7mn prize to fund African renewable energy projects
Access Power, a developer, owner and operator of power projects in emerging markets, and its strategic partner EREN RE, announced on 4 May, an extension to the deadline for applications to the ACF 2017, the third edition of the Company’s funding and support platform for renewable energy projects in Africa.
Renewable energy developers have just over one week left to submit their applications for a chance to win US$7mn in ACF prize funding. The deadline for applications is the 12 May 2017.
Now in its third year, the ACF is an innovative US$7mn financial support mechanism designed to provide local power project developers and originators with project development support, technical experience, expertise and funding required to bring their renewable energy projects to life.
The winners of ACF 2017 will be announced during a live final evaluation panel on 7 June 2017 during the Africa Energy Forum in Copenhagen. This year’s 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 who will provide Access Power with recommendations on the commercial, technical, social and environmental viability of each project based on a host of market, regulatory, environmental and economic factors.
The top three finalists will subsequently enter into direct Joint Development Agreement (JDA) discussions with Access Power. Once these are successfully concluded, Access Power will take an equity stake in those projects and commence independently funding their third-party development costs such as feasibility studies, grid studies, environmental and social impact assessments and due diligence fees.
Reda El Chaar, Executive Chairman, Access Power commented, “The submissions to this year’s ACF are a true representation of the amazing potential of Africa’s growing renewable energy industry and the capable entrepreneurs driving it forward. It remains Access Power’s mission to provide these important projects with a fast route to market, no matter what the location.”
“Last year’s ACF set the bar high as we received nearly 100 submissions from over 25 countries across the full spectrum of renewable technologies, a 75 per cent increase on the previous edition. We encourage all renewable energy entrepreneurs to submit their projects for a chance to partner with us, and join us in progressing Africa’s energy revolution.”
