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Energy projects in Nigeria, Cameroon get $5m funding

By BusinessNews Staff on June 19, 2015

Quaint Solar Energy from Nigeria and Flatbush Solar from Cameroon will soon see their renewable energy projects fired up by a total of $5-million (R62 million) in new funding as well as expert technical support.
Access Infra Africa announced yesterday that the two firms shared first prize in the inaugural Access Co-Development Fund (ACF) competition.
According to African News Agency (ANA), Access, a developer, owner and operator of power assets in Africa, launched the competition in April in a bid to bridge the gap between early-stage African renewable energy projects and the expertise and funding they require to become operational.
Quaint Solar Energy’s winning Abiba solar project is a 50mw solar development that will utilise photovoltaic technology to help bridge the country’s power deficit. The Maroua solar project won by Flatbush Solar in Cameroon is a 20mw solar plant designed to serve the energy needs of the city of Maroua and neighbouring towns and villages.
The ACF had received 55 submissions from 18 African countries – including Kenya, South Africa, Morocco, Ghana, Rwanda and Tanzania – covering a range of technologies including solar, wind, hydro, hybrid and bio-mass.
The winning projects were selected by an expert panel after a live session at the Africa Energy Forum 2015 in Dubai at the end of last week. They were chosen based on commercial, technical and environmental merits, the local regulatory environment and the project team.
Other shortlisted projects included a 20MW photovoltaic plant by Ada Solar Energy in Ghana and a 10MW solar plant by Wagonanze Investments in Tanzania.
Director at Quaint Solar Energy, Seun Solesi said: “We are delighted to partner with Access Infra Africa to develop the Abiba solar project in Nigeria. Their funding, technical support and guidance will undoubtedly play a key role in bringing the project to fruition and creating significant benefit for all our stakeholders.”
Also, Managing Director of Flatbush Solar, Samuel Tesfaye said: “We are pleased that Access Infra Africa recognises the importance of providing funding and technical expertise to early-stage projects within the renewable energy sector in Africa.”
Similarly, the chairman of Access Power MEA, Reda El Chaar said: “It is a fantastic opportunity to be able to partner with two projects that will undoubtedly have a positive social and economic impact in their respective regions, and we look forward to working closely with them as they progress towards becoming operational.”
Access will take an equity stake in Flatbush Solar and Quaint Solar Energy and fund third-party development costs such as feasibility studies, grid studies, environmental and social impact assessments and other due diligence fees.

[ThisDay]

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