Access Infra Africa, which develops, owns and operates power assets in Africa, has launched the Access Co-Development Fund (ACF), a US$5 million competition aimed at bridging the gap between early-stage renewable energy projects and expertise and funding.
Disrupt Africa reported Dubai-based Access Power and French renewable energy investment firm EREN had launched US$500 million joint venture Access Infra Africa to fund power startups in Africa, the biggest fund of its kind on the continent.
Access Infra Africa has now launched the ACF, for which entries are open until May 20, which will see up to five projects shortlisted for a final round of screening by a panel of experts during the 2015 Africa Energy Forum (AEF) in Dubai, United Arab Emirates (UAE), in June.
Winning projects will enter into a Joint Development Agreement with Access, which will see Access take an equity stake and fund third party development costs related to the projects, such as feasibility studies, grid studies, environmental and social impact assessments and other due diligence fees. Expertise for technical support, financial structuring and development process management will also be made available.
“ACF is a unique platform bringing together the funding and expertise renewable energy project originators and developers across Africa need to succeed,” said Reda El Chaar, chairman of Access Power.
“The inaugural ACF will be an exciting feature of this year’s Africa Energy Forum and we are confident that the ACF will develop in subsequent years into a platform that attracts early stage funding from Development Financing Institutions, International Financing Institutions and various donor organisations.”