Three renewable energy projects in Africa have been funded by Access Power’s Access Co-Development Facility support mechanism. At the same time French electric utility ENGIE partnered with the sub-Saharan African developer to develop and construct a wind power project in west Africa- Ghana.
In a span of a few days, four different renewable energy projects were given means to proceed. Access Power, which is the developer and owner and operator of power assets in emerging countries, announced the winners of its $7M Access Co-Development Facility.
This funding and support platform was developed to by ACF to provide local project developers in Africa with the technical expertise as well as the funding necessary to bring their projects to success.
Also read:Access Power secure funding for Zambia wind power project
Out of 82 entrants from 23 countries, there were three winners:
Ghana: 48MW, Winneba Wind project, Tanzania: 30MW,Kondoa, Solar PV project Rwanda: 9.7MW, Rukarara, Hydro project.
The projects will have big in impact for Africa. They will provide more than 85 megawatts (MW) of electricity. This would be enough to power more than 420,000 homes and businesses across the three countries.
Reda El Chaar, Executive Chairman of Access Power said they are very excited to begin working with the winners and bring their projects to success.
These projects will have the power to improve the lives of the communities around these renewable energy facilities.
He goes further to say that from the partnership these local entrepreneurs will gain access to not only the $7M but also their contact network and technical experts.
Each project will enter into a Joint Development Agreement with Access Power and will take an equity stake in each project.
The projects will therefore have access to the company’s resources as well as access to its network, and will receive assistance in grid studies, environmental and social impacts, and due diligence fees and most importantly funding.