Three African renewable energy projects announced as winners of the US$7million Access Co-Development Facility prize
- Three winners to share US$7million prize and deliver 100 MW of clean energy to 340, 000 homes
- Record-breaking participation – 96 entries spanning 25 countries across Africa
London, June 22, 2016:Today, Access Power ("Access"), developer, owner, and operator of renewable power projects in emerging markets announced the winners of the 2016 US$7 million Access Co-Development Facility (ACF), a financial support mechanism for renewable energy projects in Africa.
Three projects from Nigeria, Madagascar, and Sierra Leone fought off fierce competition from almost 100 entries to win a share of US$7million prize. The prize also includes a package of technical support designed to bring their renewable energy projects to life and deliver access to electricity for those who need it most.
The winners are AGES PLC (25MW solar project in Sierra Leone), Mentach Energy (50 MW wind project in Nigeria), and Stucky Ltd (25MW Hydro & Solar project in Madagascar). Collectively, the projects will deliver 100 megawatts of electricity to 340,000 homes in Nigeria, Madagascar, and Sierra Leone.
The winners were announced today in London at the 18th annual Africa Energy Forum, following a presentation by five shortlisted developers to a panel of expert judges. The judges selected the three winners based on commercial, technical and environmental merits, as well as the local regulatory environment, and capability of the project team.
Reda El Chaar, Executive Chairman of Access Power, said: "I am delighted to congratulate today's well-deserved winners, and we look forward to working with each of them to provide the technical skills, expertise, and financing to get their projects across the finish line.
There is still a massive, urgent need for electrification in Africa and we firmly believe that renewable energy will be a significant part of the solution. This year's ACF competition introduced us to almost 100 projects, demonstrating the scale of entrepreneurialism and ambition across the African continent to meet the electrification challenge. As the ACF grows year on year, we look forward to using the ACF as a bridge between viable renewable energy projects and the investment they need to succeed."
ACF 2016 is a competition designed to provide local power project developers and originators in Africa with the technical experience, expertise and funding required to bring their renewable energy projects to life. Following the competition's successful launch last year, the ACF increased its funding from US$5m in 2015 to US$7m for this year's winners.
The 2016 edition of the ACF saw unprecedented participation with a 75% increase in applications from the inaugural ACF 2015. Submissions came from 25 different African countries, a 40% annual uplift in the number of countries involved, with 95% of the projects submitted came from Sub-Saharan Africa, a key growth area for Access Power. In total, 44% of the projects submitted came from the continent's least developed countries (as per the OECD's DAC list), in line with the Company's stated intention to bring power to those in Africa who need it most.
All major renewable energy technologies were represented in the ACF 2016, underscoring the appeal of the ACF as a platform for catalyzing power projects across all major technologies for both grid connected and off grid project developers. Still, a review of the submissions suggests solar energy remains the preferred renewable energy technology among entrepreneurs and power project developers in Africa, accounting for 45% of projects received.
Kenya and Tanzania's participation in ACF more than doubled from last year, driven by the improving regulatory environment and appetite for small-scale project tenders. The number of entries from Senegal increased more than any other country, potentially energized by a recent influx of funds from DFIs to support renewable programs.
The winners of ACF 2016 were announced before a live audience during the Africa Energy Forum in London. The winners will enter a Joint Development Agreement with Access Power, which will take an equity stake in the winning projects and fund third-party development costs such as feasibility studies, grid studies, environmental and social impact assessments and due diligence fees. Access Power will also provide technical support, financial structuring and development process management.
Notes to Editors:
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