Africa 9.6.2015 12:16 pm

African solar power projects vie for $5m funding

Solar Power. Image courtesy: stock.xchng

Solar Power. Image courtesy: stock.xchng

A total of $5 million (R63 million) in funding and technical support will be up for grabs on Thursday when four finalists go head-to-head at the Africa Energy Forum 2015 in Dubai to win support for their early stage renewable energy project.

African power generation company Access Infra Africa on Tuesday announced the names of the four finalists in its inaugural Access Co-Development Fund (ACF) competition. The ACF had received 55 submissions from 18 African countries – including Cameroon, Kenya, Nigeria, South Africa, Morocco, Ghana, Rwanda and Tanzania – covering a range of technologies including solar, wind, hydro, hybrid and bio-mass.

The four finalists, all of whom submitted solar projects, are: Quaint Global Energy Solutions from Nigeria, Flatbush Solar from Cameroon, ADA Solar Energy from Ghana and Wagonanze Investments from Tanzania.

Access will take an equity stake in the winning project 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 give the winner technical and management support.

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

“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.

 

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