East Africa: U.S.$500 Million Set for African Renewable Power

Posted on :Wednesday , 21st January 2015

Dubai — Access Power MEA a power project developer for the Middle East and Africa, and EREN, a leader in renewable energy, last week announced the launch of Access Infra Africa, dedicated to investing in the early stage development of power projects in Africa writes JOHN SAMBO

Access Infra Africa will be the largest privately funded vehicle of its kind. The partners intend to implement an ambitious development plan leading to the realization of a portfolio of power assets in Africa worth over $500 million.

Reda El Chaar, the Chairman of Access said, "Africa's energy sector and wider economy could be transformed by the billions of dollars of financing available for Africa. However, this funding cannot have an impact without well-resourced and experienced developers willing to take early-stage project risk and turn good concepts into bankable projects."

The deal comes at a time of renewed interest in African renewable energy projects, with the US-Africa Clean Energy Finance (ACEF) initiative, a fund designed to support early-stage projects in sub-Saharan Africa, recently reaching its initial $20 million fund commitment.

In December 2014, Access was awarded the contract to build, own and operate the first solar power plant in Uganda, a 10 MW solar photovoltaic facility in Soroti, Northeastern Uganda. Once complete, the plant will be the second largest privately owned solar PV project in Africa excluding South Africa

On 4th January 2015, the consortium was prequalified to develop large scale wind and solar power plants as part of the first round of Egypt's renewable energy program.

David Corchia, the CEO of EREN Développement said, "Access Infra Africa perfectly illustrates EREN's strategy of developing renewable projects in areas of the world where renewable energy represents a competitive answer to growing local energy needs, such as Africa."

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