Access Power, a developer, owner and operator of power projects in emerging markets, on Wednesday said the second edition of its 2016 Access Co-Development Facility (ACF), a $7 million prize fund, for renewable energy projects in Africa remains open for prospective competitors across Africa.
According to a statement from Access Power, circulated by African Press Organization (APO), renewable energy developers have less than one month left to submit their applications for a chance to win $7million in the ACF prize funding, adding further that “the deadline for applications is the May 20, 2016.”
“ACF 2016 is a competition dedicated to finding local power project developers with credible renewable energy projects in Africa who need access to funding, technical experience, and expertise to bring their plans to life,” the statement read in part.
Following the competition’s successful launch last year, the ACF increased its funding from $5 million in 2015 to $7 million for this year’s winners.
Up to three successful projects will be selected by a panel of expert judges whose decision will be based on commercial, technical and environmental merits, the local regulatory environment, and capability of the project team.
The winners of ACF 2016 will be announced on Tuesday June 22, 2016 before a live audience during the Africa Energy Forum in London.
The winners will enter a Joint Development Agreement with Access Power, which will take an equity stake in the winning projects and fund third-party development costs such as feasibility studies, grid studies, environmental and social impact assessments and due diligence fees.
Access Power will also provide technical support, financial structuring and development process management.
“With just one month to go until the application deadline, we want to make sure that all local developers across the African continent are aware of this fantastic opportunity to secure valuable funding and expertise that can turn an idea for a renewable energy project into reality,” said Nasir Aku, ACF program manager at Access Power.
Access Power says ACF 2016 is leading the way in demonstrating and supporting the type of renewable energy projects that will help meet Africa’s massive and urgent need for electrification.
“Through this unique facility, we hope to encourage innovation and support companies in their efforts to deliver power to places that desperately need it,” it further stressed.
Last year the competition received a total of 55 submissions from 18 countries across Africa, including solar, wind, hydro, hybrid and bio-mass projects.
The inaugural ACF in 2015 was won by Quaint Solar Energy from Nigeria and Flatbush Solar from Cameroon.
Other competing projects hailed from Cape Verde, Kenya, Madagascar, South Africa, Morocco, Ghana, Rwanda and Tanzania.
A 25MW solar project being developed in Sierra Leone by Africa Growth and Energy Solutions (AGES), has already pre-qualified for ACF 2016, having won the Solar Shark Tank competition at the Making Solar Bankable conference in Amsterdam on February 18.
YANGE IKYAA
