Dubai-based power assets developer, Access Power, set 20th May 2016 as the deadline for developers of renewable energy in Africa to apply for its $7 million fund prize.
On Wednesday, AccessPower stated that the winners for the second edition of its Access Co-Development Facility (ACF) for renewable energy projects in Africa will be announced next month during the Africa Energy Forum in London.
Nasir Aku, ACF programme manager at Access Power commented, “With just one month to go until the application deadline, we want to make sure that all local developers across the African continent are aware of this fantastic opportunity to secure valuable funding and expertise that can turn an idea for a renewable energy project into reality.”
A company statement explained that the ACF competition is dedicated to finding local power project developers with credible renewable energy projects in Africa who need access to funding, technical experience, and expertise to bring their plans to life.
Aku noted: “Through this unique facility, we hope to encourage innovation and support companies in their efforts to deliver power to places that desperately need it.
"Last year we received a total of 55 submissions from 18 countries across Africa, including solar, wind, hydro, hybrid and bio-mass projects.”
Access Power multiplies funding
Following the fund's successful launch in 2015, the ACF said it has increased its funding from $5 million to $7 million for this year’s winners. Up to three successful projects will be selected by a panel of expert judges whose decision will be based on commercial, technical and environmental merits, the local regulatory environment, and capability of the project team, the company said.