By Dipo Olowookere
Deadline for the 2017 edition of Access Co-Development Facility (ACF) competition has been shifted to May 12 to enable more developers and entrepreneurs with renewable energy projects in Africa have access to win the $7 million prize to fund their projects.
The competition is organised by Access Power, a developer, owner and operator of power projects in emerging markets. Its strategic partner for the contest is EREN RE and the programme is in its third edition.
The ACF is an innovative $7 million 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 June 7, 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.
Executive Chairman of Access Power, Reda El Chaar, said that, “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 percent 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.”
The ACF 2017 application form and guidelines are available on the Access Power website www.Access-Power.com.
Adedapo Adesanya