The winners of the Access Co-Development Facility (ACF) competition have been announced. Three African renewable energy projects were the winners of the $7-million prize.
The competition is the result of a partnership between Access Power and EREN Renewable Energy and is aimed at providing an innovative funding and support platform for renewable energy projects in Africa.
The three winning projects, hailing from Tanzania, Rwanda and Ghana, were selected from a technologically and geographically diverse pool of 82 entrants from 23 countries after having presented to a live panel of industry expert judges.
The winners were the 30-MW Kondoa Solar PV project in Tanzania, the 9.7-MW Rukarara hydropower project in Rwanda, and the 48-MW Winneba wind project in Ghana. The three were chosen based the commercial, technical and environmental merits of the projects presented, as well as the local regulatory environment and capability of the project teams.
The three winners will share the $7 million pot provided by the ACF as well as technical support and expertise.
The winning projects will now enter into Joint Development Agreements with Access Power, who will take an equity stake. Winners will also be able to leverage Access Power’s organizational, financial and technical knowledge, as well as access to the partner’s network. They will also receive assistance with the funding of third-party development costs including feasibility studies, grid studies, environmental and social impact assessments and due diligence fees.