Access Infra Africa to Bring Huge Renewable Energy Investment across Continent
A new joint venture between Access Power MEA and renewable energy company EREN will bring about enormous investment in early stage development of power projects in Africa.
Access Infra Africa (AIA) claims it will be the largest privately-backed fund of its kind, with plans to develop assets worth more than half a billion dollars.
Egypt’s Ministry of Electricity has given AIA the go ahead to build large wind and solar plants as part of its initial renewable energy push. In Uganda, the partnership will construct and manage the country’s first solar power station, a 10 MWp photovoltaic facility in Soroti in the north east.
Excluding South Africa, it will become the continent’s second-largest privately owned photovoltaic project.
David Corchia, CEO of EREN Development, told Ventures Africa: ““Access Infra Africa perfectly illustrates EREN’s strategy of developing renewable projects in areas of the world where renewable energy represents a competitive answer to growing local energy needs, such as Africa.”
Reda El Chaar, Chairman of Access, added: “We are delighted to be joining forces to develop sustainable and affordable power assets across Africa, which today houses seven out of the world’s ten fastest growing economies.”
This is an extremely welcome development for the region, which finally looks like taking advantage of the fact it is one of the biggest recipients of sun of anywhere in the world.