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Renewable fund of US$5mn for Nigeria, Cameroon

The new fund from Access Infra Africa is a boost for renewables in Africa. (Image source: World Bank Photo Collection/Flickr)

Access Infra Africa (Access), Dubai-based developer, owner and operator of power assets in Africa, has announced winners of its inaugural US$5mn Access Co-Development Fund (ACF) competition

The winners, announced at a session during the Africa Energy Forum 2015 in Dubai, were Quaint Solar Energy from Nigeria and Flatbush Solar from Cameroon.

Quaint Solar Energy’s ABIBA Solar Project is a 50MW solar power project that will utilise photovoltaic technology. It will add to Nigeria’s current power output and help to bridge the country’s power deficit.

Flatbush Solar’s Maroua Solar Project is a 20MW solar fixed ground mount photovoltaic plant, designed to serve the energy needs of the city of Maroua and its neighbouring towns and villages in Cameroon.

Other shortlisted projects included a 20MW photovoltaic plant by Ada Solar Energy in Ghana and a 10MW solar plant by Wagonanze Investments in Tanzania.

Reda El Chaar, chairman of Access Power MEA, said, “It is a fantastic opportunity to be able to partner with two projects that will undoubtedly have a positive social and economic impact in their respective regions, and we look forward to working closely with them as they progress towards becoming operational.”

Expressing confidence in the partnership, Seun Solesi, director at Quaint Solar Energy, said that the funding, technical support and guidance from Access will be important in bringing their project to fruition.

Samuel Tesfaye, managing director of Flatbush Solar, said, “We are pleased that Access Infra Africa recognises the importance of providing funding and technical expertise to early-stage projects within the renewable energy sector in Africa.”

Under the joint development agreement between Access and its African partners, Access 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 other due diligence fees. Access will also back Flatbush Solar and Quaint Solar Energy with technical support, financial structure and development process management.

The competition was launched in April 2015 in an effort to bridge the gap between early-stage African renewable energy projects and the expertise and funding they require to become operational. El Chaar expressed confidence about ACF gaining momentum in the years to come.

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