Access Africa reveals two winners of $5 million renewable energy fund

By mahlokoane percy ngwato

Stay connected! Follow @AfricaBizReview and @MrNLon on Twitter. Like our Facebook Page.

Access Infra Africa has announced Quaint Solar Energy from Nigeria and Flatbush Solar from Cameroon as the winners of the inaugural Access Co-Development Fund (ACF).

ACF is a $5 million competition aiming to stimulate entrepreneurs who can help bridge the gap between early-stage African renewable energy projects and the expertise and funding they require to become operational.

Access Infra Africa is a developer, owner and operator of power assets in Africa and the Middle East; it has 30 GW of power projects across the globe, with a specific focus on developing renewable energy projects across 15 African countries with the target of establishing a portfolio of $500 million in renewable energy assets.

Quaint Solar Energy’s winning Solar Project is a 50 MW solar development that will utilise photovoltaic technology. The project aims to add to Nigeria’s current power output and help to bridge the power deficit faced by the nation.

MORE ON RENEWABLE ENERGY:
Access Power supports Egypt's renewable energy future
The sun shines on South Africa's renewable energy sector
SunEdison announces acquisition of South African renewable energy portfolios

The winning Maroua Solar Project by Flatbush Solar in Cameroon is a 20 MW solar fixed ground mount photovoltaic plant, with the capacity to serve the energy needs of the city of Maroua and neighboring towns and villages.

The winning projects were selected by an expert panel at a live session at the Africa Energy Forum 2015, based on a range of criteria including commercial, technical and environmental merits, and the local regulatory environment, as well as the strength of the project team.

Reda El Chaar, Chairman of Access Power MEA, said: “It is a fantastic opportunity to be able to partner with two projects that will undoubtedly have a positive social and economic impact in their respective regions, and we look forward to working closely with them as they progress towards becoming operational.”

Flatbush Solar and Quaint Solar Energy will enter into a Joint Development Agreement with Access, which will fund third party development costs such as feasibility and grid studies, as well as environmental and social impact assessments. Access will also back Flatbush Solar and Quaint Solar Energy with technical support, financial structure and development process management.

Read the June Issue of African Business Review. 

Share

Featured Articles

Top 10 metaverse projects in the UAE, including world firsts

As Accenture predicts the metaverse will fuel a US$1 trilion commerce opportunity by 2025, we round up 10 pioneering metaverse projects in the UAE

PwC’s survey shows Middle East CEOs remain upbeat on growth

CEOs in the Middle East are far more optimistic about regional growth than those in North America and Europe, according to PwC’s annual survey

Opinion: “Why we must tackle the digital skills crisis"

Upskilling for the digital world isn’t complicated but it is urgent, argues Tom Moore, CEO of WithYouWithMe – a social impact tech firm founded by veterans

5 Mins With: Kathryn Kaminsky Vice Chair Trust Solutions PwC

Leadership & Strategy

Survey: The Future of Cloud Security in the Middle East

Technology

Deloitte US Chief Purpose Officer on driving impact at scale

Leadership & Strategy