Access Power MEA (‘Access’), a power project developer focused on the
Middle East and Africa, and EREN, a leader in renewable energy, have
announced the launch of Access Infra Africa, a vehicle that will be
dedicated to invest in the early stage development of power projects in
Africa.
Access Infra Africa will be the largest privately funded vehicle of
its kind. The partners intend to implement an ambitious development plan
leading to the realisation of a portfolio of power assets in Africa
worth over 500 million US Dollars.
Under the agreement, EREN will acquire a strategic equity stake in Access and a seat on the board.
David Corchia, CEO of EREN Développement, said: “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. We are thrilled to
bring our global expertise in the field of renewable energy to Access’
world-class team and strong regional presence.”
Reda El Chaar, chairman of Access, said: “EREN and its founders are
without a doubt, global pioneers of renewable energy. We are delighted
to be joining forces to develop sustainable and affordable power assets
across Africa which today houses seven out of the ten world’s fastest
growing economies.”
El Chaar added: “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.”
On 4th January 2015, the Access Infra Africa consortium was
pre-qualified 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 MWp 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.
Access Power MEA (‘Access’) was founded in 2012 with the aim of
becoming a leading developer of power assets in the Middle East and
Africa. Access has assembled a development team with a track record of
financially closing ~30 GW of power projects across the globe with a
specific focus on the MEA region.
Access is developing a portfolio of power assets in Africa through
its subsidiary Access Infra Africa (AIA). Today, AIA is actively seeking
the development of a portfolio of renewable energy projects in 15
Africa countries. AIA is technology agnostic and focuses on developing
affordable and sustainable power assets.
EREN Développement is focused on developing power projects in
countries where renewable energy represents an economically viable
response to growing energy demands.
Through partnerships established with local developers, Eren has
accumulated a portfolio of over 400 MW of renewable energy assets in
operation or under construction, and over 1,500 MW of assets under
development in less than three years. Eren Développement is a subsidiary
of EREN, the first group dedicated to natural resource efficiency,
founded by Pâris Mouratoglou and David Corchia.