By Kemo Cham
A solar power project in Bo is among three projects selected as winners in a prestigious renewable energy development competition in London, last week.
The Africa Growth and Energy Solution (AGES) PLC, which is developing a 25mw solar project in the southern district of Sierra Leone, will share a US$7m-prize money with two other projects from Nigeria and Madagascar. The three projects were selected from among nearly 100 entries in the competition organized by Access Power, under its Access Co-Development Facility (ACF) prize.
Access Power is a developer, owner and operator of renewable power projects in emerging markets. The ACF is its financial support mechanism for renewable energy projects in Africa. It was designed to serve as a unique platform to bridge the gap between early-stage projects in the continent and the expertise and funding they require to become operational.
The scheme was first launched last year, with a funding purse of US$5m, which has been increased to US$7m.
The ACF2016 winners were unveiled at the eighteenth annual Africa Energy Forum. The announcement followed a presentation by five shortlisted developers to a panel of expert judges. The organizers said they received in all 96 entries from 25 countries across Africa.
The winners are to develop a total of 100mw clean energy targeting 340, 000 homes. The prize also includes a package of technical support designed to bring their projects to life.
Mentach Energy is working on a 50 mw wind project in Nigeria, while Stucky Ltd has a 25mw Hydro & Solar project in Madagascar).
The decision of the panel of expert judges which selected the winners is based on commercial, technical and environmental merits, the local regulatory environment, and the project team.
Sierra Leone, struggling to meet its growing energy needs, has focused its attention on renewable energy sources.
AGES is one of several initiatives facilitated by the government as part of this effort.
The government is also working on the establishment of a 6mw Solar Park in Freetown, which will cost US$18m. It is funded under a partnership between the Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA). That project was officially launched in March.
The AGES project is said to be the first solar PV plant of its kind in Sierra Leone. Solar PV, otherwise called photovoltaic cells, convert sunlight directly into electricity. This is expected to ease a perennial problem of blackout in Bo, which is a common phenomenon across the country.
Approximately 100,000 homes and businesses will benefit from it, the company said on its website. It also said intends to deliver the first power supply in January 2017.
This is the second prize AGES has won from Access Power in one year. In February, it clinched a US$100, 000 solar development prize for the same project at the prestigious Solar Shark Tank competition held at the Making Solar Bankable conference in Amsterdam, Netherlands.
That competition was organized by Access Power and the Dutch development bank FMO. It was a pre-requisite for participation in the ACF contest.
Reda El Chaar, Executive Chairman of Access Power, looked forward to working with the “well-deserved” winners of ACF 2016 to provide the technical skills, expertise and financing to get their projects done.
“There is still a massive, urgent need for electrification in Africa and we firmly believe that renewable energy will be a significant part of the solution. This year’s ACF competition introduced us to almost 100 projects, demonstrating the scale of entrepreneurialism and ambition across the African continent to meet the electrification challenge,” he said in the statement.
ACF 2016 saw unprecedented participation with a 75% increase in applications from the inaugural ACF 2015. Submissions came from 25 different African countries, a 40% annual uplift in the number of countries involved, with 95% of the projects submitted came from Sub-Saharan Africa, a key growth area for Access Power, he added.
(C) Politico 30/06/16
