Three projects from Tanzania, Rwanda and Ghana have been announced as winners of the $7 million Access Co-Development Facility (ACF), an innovative funding and support platform for renewable energy project on the continent.
ACF is a partnership between Access Power, a developer, owner and operator of renewable power projects in emerging markets and global independent power producer, ERN Renewable Energy.
Access Power currently has more than 1, 000 MW pipeline of power projects and over $650 million assets under development across 15 countries in Africa including a 10MW solar project in Soroti, Uganda; another 126MW, $150 million facility in Aswan Governorate, Egypt; and a 50MWp wind project in Lagos, Nigeria.
The three winning projects were selected by a panel of industry expert judges based on their commercial, technical and environmental benefits in addition to the local regulatory environment and capability of the project teams, from a diverse pool of 82 projects from across 23 countries in Africa.
Tanzania’s 30MW Kondoa Solar PV Project; Rwanda’s 9.7MW Rukarara Hydro Project; and the 48MW Winneba Wind Project in Ghana will share the $7 million pot to bring their projects to fruition; leverage Access Power’s organizational, financial and technical know-how; gain access to Access Power’s network; and get a clear route to market.
They will enter Joint Development Agreements with Access Power which now takes an equity stake in the projects.
The projects will also receive assistance with funding of third-party development costs including feasibility studies, grid studies, environmental and social impact assessments and due diligence fees.
“Each of these projects has the power to dramatically improve the lives of the communities around these renewable energy facilities,” Reda El Chaar, Executive Chairman of Access Power said.
Upon completion, the projects will collectively provide over 85MW of electricity, enough to power more than 420, 000 homes and businesses across Tanzania, Rwanda and Ghana.
The winners were announced at the 19th Annual Africa Energy Forum in Copenhagen, Denmark.