Ghana, 3 others battle for $5m energy cash

Ghana’s 20 MW solar project is among three other renewable energy projects from Nigeria, Cameroon and Tanzania battling for the Access Co-Development Fund (ACF).

The ACF, which is a $5million competition instituted by the Access Infra Africa (‘Access’), a developer, owner and operator of power assets in Africa, has Ghana’s Ada 20 MW Solar Energy project; 50 MW Quaint Global Energy Solutions solar project in Nigeria; 20 MW solar project, Flatbush Solar of Cameroon and 10 MW Wagonanze Investments solar project of Tanzania, as the four finalists.

The inaugural ACF received 55 submissions from project originators in 18 countries across Africa, including Cameroon, Kenya, Nigeria, South Africa, Morocco, Ghana, Rwanda and Tanzania.

The competition, launched in April 2015, is to bridge the gap between early stage African renewable energy projects and the expertise and funding they require to become operational. The submissions covered a range of renewable energy technologies; including solar, wind, hydro, hybrid and biomass.

Having reviewed all submissions, Access short-listed four projects to contest the final round of the ACF at a live session on the main stage of the Africa Energy Forum (‘AEF’) at 2 pm on Thursday 11th June 2015.

The winning project(s) will enter into a Joint Development Agreement with Access. Under this agreement, Access will take an equity stake in the winning project(s) and fund third party development costs such as feasibility studies, grid studies, environmental and social impact assessments and other due diligence fees.

Access will also support the winner(s) with technical support, financial structure and development process management. At the AEF, the finalists will present their projects to an expert panel of judges: Stephane Bontemps, Managing Director, Access Power MEA (Moderator);Bertrand Hirsch de la Borde, Head of Africa for Infrastructure, International Finance Corporation; Paul Biggs, Lead Partner, Trinity LLP; Aart Mulder, Manager Energy Project Finance, FMO and Emmanuelle Matz, Head of Infrastructure & Mining Division, PROPARCO. Reda El Chaar, Chairman of Access Power MEA, said: “The submission of 55 projects in less than two months far exceeded our expectations and we are looking forward to an exciting conclusion at the Africa Energy Forum in Dubai.

This fantastic response clearly demonstrates the significant potential of renewable energy to support economic growth and development across Africa, from Cape Verde to Kenya, and from Morocco to South Africa.

“It is not only funding that is critical to the success of early stage projects, but also technical support and guidance from experienced partners. We designed the ACF to help bridge this gap, and we are confident it will have a positive impact, not only this year but also in future years as the competition grows,” he added.