Three startups selected for $7 million renewable energy fund

folarin okunola

June 30, 2016 1:31 PM

Out of almost 100 entries, three projects from Nigeria, Madagascar, and Sierra Leone emerged as winners of the $7 million prize money

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According to Disrupt Africa, Access Power, earlier in the year, had kicked off applications for the second Access Co-Development Facility, a financial support mechanism for renewable energy projects in Africa.

Out of almost 100 entries, three projects from Nigeria, Madagascar, and Sierra Leone emerged as winners of the $7 million prize money, as well as technical support designed to bring their renewable energy projects to life.

Ages Plc., a 25MW solar project in Sierra Leone; Mentach Energy, a 50MW wind project in Nigeria; and Stucky Ltd, a 25MW hydro and solar project in Madagascar; are the selected winners. Together, they will deliver 100MW of electricity to 340,000 homes.

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“I am delighted to congratulate today’s well-deserved winners and we look forward to working with each of them to provide the technical skills, expertise and financing to get their projects across the finish line,” said executive chairman of Access Power, Reda El Chaar.

“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.”

The winners were revealed in London at the annual Africa Energy Forum, after five shortlisted developers pitched to a panel of experts. The experts then decided the winners based on commercial, technical, and environmental merits, in addition to local regulatory conditions and capability of the project team.

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