Access Power launches 2018 edition of the $7 mn ACF competition
- March 29, 2018
DUBAI, United Arab Emirates, March 29, 2018/ — Access Power, a developer, owner and operator of power projects in emerging markets, recently announced the launch of ACF 2018, the third edition of the highly successful funding and support platform for renewable energy projects in Africa and Asia. For this third edition, Access has included Asia for energy projects and invites entrepreneurs across both Africa and Asia to compete.
Now in its fourth year, the ACF is an innovative US$7 million financial support programme 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.
ACF 2018 aims to further build on the success of the previous three years where a total of 234 projects have been considered for the prize with several winning projects now benefiting from the mix of funding and technical expertise provided by Access Power. This year’s finalists will once again be evaluated and scored by an independent panel of industry experts, similar to last year’s which comprised of senior representatives from Power Africa, InfraCo Africa, Proparco, and the Dutch Development Bank (FMO) .
The winners of ACF 2018 will be announced during a live final evaluation panel on June 19th 2018 during the Africa Energy Forum in Mauritius. The top three finalists from Africa and Asia will subsequently enter into direct Joint Development Agreement (JDA) discussions with Access Power.
Reda El Chaar, Executive Chairman, Access Power commented; “This year we are delighted to welcome projects across Asia too to compete. By introducing new markets, we hope this will enable us to reach a bigger network of innovative and pioneering entrepreneurs across Africa and Asia with the opportunity to develop their ambitious ideas into tangible projects.”
The ACF 2018 application form and guidelines are available on Access Power website www.Access-Power.com
The ACF 2018 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.
The submission period runs from March 19th to May 10th 2018.
An independent judging panel will include industry 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 Mauritius, June 2018 (www.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 negotiate and enter a Joint Development Agreement with Access Power, which will take an agreed equity stake in the winning projects and fund all third-party development costs. Access Power will also provide technical support, financing and development process management