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