Power project developer Access Power and renewable energy company EREN have launched Access Infra Africa — a company that will invest in the development of power projects in Africa.
The partners of Access Infra Africa — which stands as the first privately funded company of its kind — will seek to install a development plan with the goal of building up a portfolio of power projects in Africa worth over US$500 million.
Through a deal made between both companies, EREN will earn an equity stake in Access, as well as a seat at Access’ board.
David Corchia, CEO of EREN, 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, 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.”