Rwandan entrepreneurs and developers in renewable energy have just a week to submit their applications for ACF 2017 competition and stand a chance to win $7 million (about Rwf5.9 billion) in funding. The deadline for application is May 12.
According to a statement from the organisers, ACF competition is a financial support mechanism designed to provide local developers and entrepreneurs with the technical expertise and funding required to implement their renewable energy projects.
It is organised and supported by Access Power, a developer, owner and operator of power projects in Africa and Asia, and EREN RE, a renewable energy firm. This is the third edition of the contest.
The winners of ACF 2017 will be announced on June 7 during the Africa Energy Forum in Copenhagen, the statement said, and the top three finalists will subsequently enter into joint development agreement discussions with Access Power.
“Once these are successfully concluded, Access Power will take an equity stake in the projects and commence independently funding their third-party development costs, such as feasibility studies, grid studies, environmental and social impact assessments and due diligence fees,” Reda El Chaar, the Access Power executive chairman, said.
He added that Africa’s renewable energy industry has huge potential, which requires ‘capable’ entrepreneurs to take the sector to another level. He noted that the competition is one of the ways to support renewable energy projects and provide them “with a fast route to the market, no matter the location.”
“Last year’s ACF set the bar high as we received nearly 100 submissions from over 25 countries across the full spectrum of renewable technologies, a 75 per cent increase on the previous edition. We encourage all renewable energy entrepreneurs to submit their projects for a chance to partner with us, and join efforts geared at strengthening Africa’s energy revolution,” Chaar said.
The ACF 2017 application forms and guidelines are available on: www.Access-Power.com.