Access Power has announced the launch of ACF 2017, the third edition of the highly successful funding and support platform for renewable energy projects in Africa. Now in its third year, the ACF is a 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.
ACF has seen a total of five projects passing the final round of selection, with three projects successfully executing joint development agreements with Access Power, over the past two years.
“Last year was another highly successful year for the competition 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. This is a chance to shine a spotlight on ideas and showcase talent. We are delighted to see the competition develop as word spreads about the possibilities it can bring,” says Reda El Chaar, Executive Chairman at Access Power.
The submission period runs from March to May 2017, and this year’s finalists will 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. 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 in June 2017.
The winners of ACF 2017 will be announced during a live final evaluation panel on 7 June. 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. Access Power will also provide technical support, financial structure and development process management.
The official opening of the submissions process was announced at the Power Africa Annual Partners Meeting in Washington, D.C. Power Africa is a U.S. government-led initiative coordinating 12 U.S. government agencies and a diverse coalition of more than 140 public and private sector partners.
“The ACF is an exciting concept, and we are delighted to see Access Power’s efforts to transform power delivery and access across Africa. The ACF demonstrates how Power Africa’s private sector partners are working to help accelerate progress towards our shared goals of increasing new electricity generation capacity and increasing household and business connections in Sub-Saharan Africa,” says Power Africa Co-ordinator, Andrew Herscowitz.
The ACF 2017 application form and guidelines are available on www.Access-Power.com
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