Thursday, 4 May 2017

Access Power/EREN RE: Calling all entrepreneurs and developers of renewable energy projects in Africa


Deadline extension until 12th May for entrepreneurs to enter the ACF competition to win US$7 million prize to fund African renewable energy projects

DUBAI, United Arab Emirates, May 4, 2017/ --

    The 2017 Access Co-Development Facility ‘ACF’ competition will see developers across the continent compete for funding and expertise.
    The ACF 2017 application form and guidelines are available on the Access Power website www.Access-Power.com.

Access Power (www.Access-Power.com), a developer, owner and operator of power projects in emerging markets, and its strategic partner EREN RE today announced an extension to the deadline for applications to the ACF 2017, the third edition of the Company’s funding and support platform for renewable energy projects in Africa.

Renewable energy developers have just over one week left to submit their applications for a chance to win US$7million in ACF prize funding. The deadline for applications is the 12th May 2017.

Now in its third year, the ACF is an innovative US$7 million financial support mechanism designed to provide local power project developers and originators with project development support, technical experience, expertise and funding required to bring their renewable energy projects to life.

The winners of ACF 2017 will be announced during a live final evaluation panel on June 7th 2017 during the Africa Energy Forum in Copenhagen. This year’s finalists will once again be evaluated and scored by an independent panel of industry experts comprised of senior representatives from Power Africa, InfraCo Africa, Proparco, the Dutch Development Bank (FMO) and Access Power who will provide Access Power with recommendations on the commercial, technical, social and environmental viability of each project based on a host of market, regulatory, environmental and economic factors.

The top three finalists will subsequently enter into direct Joint Development Agreement (JDA) discussions with Access Power. Once these are successfully concluded, Access Power will take an equity stake in those projects and commence independently funding their third-party development costs such as feasibility studies, grid studies, environmental and social impact assessments and due diligence fees.

Reda El Chaar, Executive Chairman, Access Power commented, “The submissions to this year’s ACF are a true representation of the amazing potential of Africa’s growing renewable energy industry and the capable entrepreneurs driving it forward. It remains Access Power’s mission to provide these important projects with a fast route to market, no matter what the location.”

“Last year’s ACF set the bar high as we received nearly 100 submissions from over 25 countries across the full spectrum of renewable technologies, a 75 percent increase on the previous edition. We encourage all renewable energy entrepreneurs to submit their projects for a chance to partner with us, and join us in progressing Africa’s energy revolution.”

The ACF 2017 application form and guidelines are available on the Access Power website www.Access-Power.com.

Distributed by APO on behalf of Access Power.



Notes to Editors:
ACF 2017
The ACF 2017 is a financial support mechanism designed to provide local developers and entrepreneurs with the technical expertise and funding required to bring their renewable energy projects to life. 
•    Applications for the ACF 2017 opened in March 2017.
•    The submission period runs from March to May, 2017.
•    An independent judging panel will include industry and legal experts as well as representatives from multilateral development banks.
•    Following a pre-selection process, a shortlist of applicants will be chosen to present their projects to a panel of judges at the Africa Energy Forum in Copenhagen, June 2017 (http://Africa-Energy-Forum.com).
•    Applicants must present their projects to the judging panel during the Forum within a given time and take questions from panel members.
•    Panel members will score each project based on the evaluation criteria, using weighted percentages.
•    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.

Media Contacts:
Access Power
For more information, please contact
Ana Parker, AParker@Access-Power.com or call +971 4 453 9508
Francesca Boothby or Emerson Clarke at AccessPower@FTIConsulting.com or call +44(0)203 727 1885

About Access Power:
Access Power is a fast growing developer owner and operator of power assets in emerging and frontier markets and is currently developing power projects worth over US$1 billion in 23 countries across Africa and Asia. In late 2016, Access commissioned East Africa’s largest solar power plant, in Soroti, Uganda. That facility is today providing clean energy for 40,000 homes, schools and small businesses. Our development team has a depth of experience in developing and building large portfolios of renewable energy projects, with a collective track record of financially closing 30 GW of power projects across the globe.
For more information: www.Access-Power.com
Follow at @Access_Power

About EREN RE:
EREN RE, member of EREN Groupe, was founded in 2012 by Pâris Mouratoglou and David Corchia, both with significant experience in the renewable energy sector. EREN RE develops projects in countries where renewable energy provides an economically viable response to growing power demand. Through partnerships established with local developers, EREN RE has accumulated a portfolio of 450 MW (gross) of renewable energy assets in operation and under construction, and over 1.5 GW of assets under development. For more information: www.EREN-Groupe.com.

SOURCE
Access Power
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