Five renewable energy projects shortlisted for the 2016 US$7million Access Co-Development Facility (ACF 2016)
Record-breaking participation spanning 25 African countries
We are delighted to announce the shortlisted candidates for the 2016 US$7 million Access Co-Development Facility (ACF), a support mechanism for renewable energy projects in Africa.
The five shortlisted projects selected from a record-breaking 96 project applications are based in Niger, Nigeria, Kenya, Madagascar and Sierra Leone. Each shortlisted project developer will now be invited to the Africa Energy Forum in London on the 22nd June to present their project to a panel of expert judges for a chance to win a share the US$7 million prize.
The judges will select up to three winners based on the commercial, technical and environmental merits of each project, as well as the local regulatory environment, and capability of the project team.
The five shortlisted projects:
20 Megawatt solar project in Niger
Location: Gazaoua Town
Offtaker: Niger National Electric Power Company
Developer: Tessa Power
25 Megawatt solar project in Sierra Leone
Offtaker: Electricity Distribution & Supply Authority
Developer: AGES PLC
50 Megawatt wind project in Nigeria
Offtaker: Nigeria Bulk Electricity Trading Company
Developer: Mentach Energy
40 Megawatt Solar project in Kenya
Location: NakuruOfftaker: Kenya Power and Lighting Company
Offtaker: Kenya Power and Lighting Company
Developer: Astonfield Sosian Solar Ltd
25 Megawatt hybrid (Hydro & Solar) project in Madagascar
Offtaker: Jirama State Owned Utility Company
Developer: Stucky Ltd
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 catalysing 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.
Nasir Aku, ACF Program Manager for ACF 2016 at Access Power commented,
"It is our mission to help renewable energy projects access the finance and expertise they need to deliver power to those who need it. To fulfil this mission, we need to find strong, viable projects to support and we are thrilled to see so many entering the ACF this year.
"Choosing a shortlist of just five projects was incredibly tough. However, the volume and standard of project proposals is exciting in itself. It demonstrates the growing sophistication of the renewable energy landscape across the continent which will help meet Africa's massive and urgent need for electrification. More broadly speaking, this progress represents a significant opportunity for investors with a strong appetite to invest in renewable projects in emerging markets.
"This year's successful competition has truly elevated the ACF's status as a functional and credible crowdsourcing origination platform for the African continent, working to bridge the gap between the resources available for power projects in Africa, and the initiatives that really need them."
The winners of ACF 2016 will be announced on Tuesday 22nd June 2016 before a live audience during the Africa Energy Forum in London (see Notes to Editors for further details). 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:
For more information, to arrange an interview or request images, please contact the Access Power media team at email@example.com call +44(0)203 727 1885
About ACF 2016
- The Access Power Co-development Facility (ACF) is a US$7 million financial support mechanism designed to provide local power project developers and originators with the technical experience, expertise and funding required to make their renewable energy projects a reality.
- The ACF is helping to create a group of home-grown entrepreneurs with the necessary skills to develop their own infrastructure projects and transform their own economies.
- The winners of ACF 2016 will be announced on Tuesday 22nd June 2016 before a live audience during the Africa Energy Forum in London.
- The independent judging panel of five judges will include industry experts as well as representatives from multilateral development banks such as FMO, AfDB, Proparco, and InfraCo Africa.
- Following a pre-selection process, a shortlist of applicants has been chosen to present their projects to a panel of judges at the Africa Energy Forum in London on the 22nd June 2016.
- 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.
- Access launched the first ACF competition for local developers in April 2015 in a bid to bridge the gap between early-stage African renewable energy projects and the expertise and funding they require to become operational. The ACF is now leading the way in demonstrating and supporting the type of renewable energy projects that will help meet Africa's massive and urgent need for electrification.
- Access and the ACF work closely with prestigious international institutions such as the Africa Development Bank, FMO (Dutch Development Bank), Proparco (the private sector financing arm of Agence Française de Développement (AFD)), and InfraCo Africa.
- The 2016 ACF competition was launched on 19 February at the Making Solar Bankable conference in Amsterdam, where the Solar Shark Tank (a competition organized jointly by FMO and Access) winning 25 Megawatt solar project in Sierra Leone being developed AGES plc prequalified for the ACF shortlist.
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