Access Infra Africa, a developer, owner and operator of power assets in Africa, has shortlisted four African solar startups to compete for its Access Co-Development Fund (ACF), a $5 million competition.
Access Co-Development Fund (ACF) is designed to bridge the gap between early stage renewable energy projects in Africa and the expertise and funding they require to come to operation.
The four startups, Quaint Global Energy Solutions (Nigeria), Flatbush Solar (Cameroon), ADA Solar Energy (Ghana) and Wagonanze Investments (Tanzania), were selected from a total of 55 submissions from 18 African countries.
According to Reda El Chaar, Chairman of Access PowerMEA, “ACF is a unique platform bringing together the funding and expertise renewable energy project originators and developers across Africa need to succeed.The inaugural ACF will be an exciting feature of this year’s Africa Energy Forum and we are confident that the ACF will develop in subsequent years into a platform that attracts early stage funding from Development Financing Institutions, International Financing Institutions and various donor organizations.”
The ACF final round winner will enter into a Joint Development Agreement with Access. Under this agreement, Access will take an equity stake in the successful project and fund third party development costs related to the project, such as feasibility studies, grid studies, environmental and social impact assessments and other due diligence fees. The successful project will also be able to draw upon Access’ expertise for technical support, financial structuring and development process management.