Access Power MEA, a power project developer focused on the Middle East and Africa, and Eren, a leader in renewable energy, has launched Access Infra Africa, a vehicle that will be dedicated to invest in the early stage development power projects in Africa.

Access Infra Africa will be the largest privately funded vehicle of its kind, with partners intending to implement an ambitious development plan leading to the realisation of a portfolio of power assets in Africa worth over $500 million, said a statement.

Under the agreement, Eren will acquire a strategic equity stake in Access and a seat at the board of Access.

David Corchia, Eren’s chief executive officer, 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.

“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.”

The Access Infra Africa consortium was recently 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 programme, said the statement.

Access was also awarded the contract to build, own and operate the first solar power plant in Uganda, a 10MWp solar photovoltaic facility in Soroti, Northeastern Uganda.

On completion, the plant will be the second largest privately owned solar PV project in Africa excluding South Africa, it added - TradeArabia News Service