African solar startups vie for $5m funding

0

Four African solar startups will tomorrow go head-to-head for a total of US$5 million in funding from Access Infra Africa at the Africa Energy Forum 2015 in Dubai.

Disrupt Africa reported in April Access Infra Africa, which develops, owns and operates power assets in Africa, had 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.

Quaint Global Energy Solutions from Nigeria, Flatbush Solar from Cameroon, ADA Solar Energy from Ghana and Wagonanze Investments from Tanzania were picked from 55 submissions from 18 African countries to compete at the event for the funding.

Access will take an equity stake in the winner, fund third-party development costs such as feasibility studies, grid studies and environmental and social impact assessments, and offer technical and management support.

“The 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,” said Reda El Chaar, chairman of Access Power MEA.

“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.”

About Author

Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

Leave A Reply