2016 Access Co-Development Facility (ACF) competition winners sign joint development agreement at world future energy summit
World Future Energy Summit, ABU DHABI, 18th January 2017: Following the success of the 2016 competition, Access Power and EREN RE, developers, owners and operators of power projects in emerging markets, today signed joint development agreements with the 2016 Access Co-Development Facility (ACF) competition winners. Local developers behind the winning projects from Nigeria and Madagascar are now set to move ahead with Access Power and EREN RE to co-develop their respective projects.
The Joint Development Agreement will govern the relationship between all parties involved including the terms and scope of work. As part of the co-development facility, Access Power and EREN RE will provide Menatech Energy (Nigeria) and Stucky Ltd (Madagascar), the two winners, with technical support, financial structuring, development process management, funding for all third party development costs, and a clear exit route at financial close.
Reda El Chaar, Executive Chairman Access Power commented:"We are immensely proud to be working with these talented local developers in Nigeria and Madagascar, and very excited to be steadily progressing with both projects since we declared them winners in June 2016. This milestone is a testament to the ability of our ACF competition to crowdsource good projects in markets with great potential for sustainable electrification."
David Corchia, CEO, EREN added:"Access to local capacity building opportunities in order to promote renewable energy in Africa is an important aspect of the work we do. Finding and nurturing talent is never easy and by delivering technical support, mentorship and funding on these two projects, we hope to mobilise others to come forward."
The successful 50 MW wind project in Nigeria by Menatech Energyhas made considerable progress since being selected and is poised to begin working on securing a Power Purchase Agreement (PPA). Rayan Kassis commented: "We are very happy to have the support of Access Power through its innovative ACF platform that has breathed new life into the project enabling us to leverage on larger technical and financial resources."
The 25MW Hydro and Solar project in Madagascar, Stucky Ltd has also made significant progress. Antoine Dubas commented "Since we were awarded the prize last summer at the Africa Energy Forum, we have had an exciting year working to get this project off the ground. We would urge any project with a great idea to submit your plans to this fantastic competition".
Later today, Vahid Fotuhi, Managing Director, Project Origination, Access Power will be speaking as part of a WFES panel at the session 'Innovative financing for renewable energy projects in Africa'. Vahid will be sharing his insights and experiences working with early-stage partnerships, the role of local banks and how to avoid the common mistakes made by sponsors when launching solar and wind tenders in Africa.