Dubai-based Access Power MEA and France’s renewable energy developer Eren Développement have launched a new financing vehicle, Access Infra Africa.
The $500 million worth project is focused on investment opportunity in the renewable energy sector across Africa. This investment vehicle basically focus on solar energy, supporting early stage renewable power projects and will be the largest privately funded vehicle of its kind.
“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 EREN. To date, EREN Développement has funded and installed more than 400 MW of renewable energy projects — the company’s project pipeline is currently home to 1.5 GW of projects.
Access Power MEA chairman El Chaar agreed noting, “Africa’s energy sector and wider economy could be transformed by the billions of dollars of financing available for Africa. However, this funding cannot have an impact without well resourced and experienced developers willing to take early-stage project risk and turn good concepts into bankable projects.”
Under the partnership, Eren will acquire an equity stake in the UAE firm and also have a seat on the board of Access. The projects will be predominantly in renewable energy in sub-Saharan Africa, Egypt and elsewhere in North Africa.
Image credit: Lippincott
