Access Power Ponies Up $7 Million
Earlier this month, Power Africa partner Access Power (@Access_Power, www.access-power.com) launched one of the most innovative contests we’ve seen yet — the Access Co-Development Facility (ACF). If you are a regular reader of the Power Africa monthly newsletter, you’re familiar with our working premise that the money is there for electrification projects in Africa, but that those projects are often too risky to be considered bankable.
Enter ACF. Now in its third year, ACF 2017 will award $7 million in project development funding at the Africa Energy Forum (AEF) in Copenhagen on June 7. How is this different from other grants or contests? Simply put, Access Power and their partner Eren don’t want to cut a check and walk away. They intend to work with the winners to develop bankable projects that have the potential to reach financial close quickly, by providing a technical support package from a team of highly experienced and specialized project developers.
But do programs like ACF actually work? Ask the Abiba Solar project, one of the winners of the 2015 contest. They expect a 50 MW solar PV project in Nigeria to reach financial close later this year, thanks to the ACF. Two of the three 2016 winners have already entered into JDAs with Access Power, and development funding has commenced. Because of this partnership, real dollars are flowing and projects are moving forward.
Power Africa is excited to have the opportunity to participate in the selection panel at AEF in June, where the top submissions will present their ideas to a group of judges. The top three will take home both the money and the support that will bring their ideas to fruition.
Have a great idea for a project? Submissions are due by May 8. To apply, visit: http://www.access-power.com/access-co-development-facility
Access Power is one of the fastest growing independent power producers in the world and is currently developing renewable energy projects worth more than $1 billion in 23 countries across Africa and Asia. Access uses their market experience to bridge the gap between local project developers/originators and the experience and funding that can bring these projects to life.
For contest enquires, please email ACF@access-power.com.