Dubai-based power project developer Access Power MEA and France’s EREN have signed an agreement to launch a fund that will invest in the early stage development of renewable power projects in Africa.
The fund, Access Infra Africa, hopes to have a portfolio of assets in Africa worth over US$500 million. Under the agreement, EREN will acquire a strategic equity stake in Access and a seat at the board of Access.
“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,” said David Corchia, CEO of EREN Developpement. “We are thrilled to bring our global expertise in the field of renewable energy to Access’ world-class team and strong regional presence.”
The Access Infra Africa in early January consortium was prequalified by Egypt’s Ministry of Electricity to develop large scale wind and solar power plants as part of the first round of Egypt’s renewable energy procurement program.
In December 2014, Access was awarded the contract to build, own and operate the first solar power plant in Uganda, a 10-megawatts peak 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.