$7 million energy prize competition for African renewable energy projects still open

$7 million energy prize competition for African renewable energy projects still open

Access Power, a developer, owner and operator of power projects in emerging markets, and its strategic partner EREN RE today announced an extension to the deadline for applications to the ACF 2017, the third edition of the Company’s funding and support platform for renewable energy projects in Africa.

Renewable energy developers have just over one week left to submit their applications for a chance to win US$7million in ACF prize funding. The deadline for applications is the 12th May 2017.

Now in its third year, the ACF is an innovative US$7 million financial support mechanism designed to provide local power project developers and originators with project development support, technical experience, expertise and funding required to bring their renewable energy projects to life.

The winners of ACF 2017 will be announced during a live final evaluation panel on June 7th 2017 during the Africa Energy Forum in Copenhagen. This year’s finalists will once again be evaluated and scored by an independent panel of industry experts comprised of senior representatives from Power Africa, InfraCo Africa, Proparco, the Dutch Development Bank (FMO) and Access Power who will provide Access Power with recommendations on the commercial, technical, social and environmental viability of each project based on a host of market, regulatory, environmental and economic factors.

The top three finalists will subsequently enter into direct Joint Development Agreement (JDA) discussions with Access Power. Once these are successfully concluded, Access Power will take an equity stake in those projects and commence independently funding their third-party development costs such as feasibility studies, grid studies, environmental and social impact assessments and due diligence fees.

The ACF 2017 application form and guidelines are available on the Access Power website www.Access-Power.com.

Notables

The ACF 2017 is a financial support mechanism designed to provide local developers and entrepreneurs with the technical expertise and funding required to bring their renewable energy projects to life.
•    Applications for the ACF 2017 opened in March 2017.
•    The submission period runs from March to May, 2017.
•    An independent judging panel will include industry and legal experts as well as representatives from multilateral development banks.
•    Following a pre-selection process, a shortlist of applicants will be chosen to present their projects to a panel of judges at the Africa Energy Forum in Copenhagen, June 2017 (http://Africa-Energy-Forum.com).
•    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.
•    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.

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