Access Power MEA and ERE have launched Access Infra Africa, a vehicle that will be dedicated to investing 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 at the board of Access.
David Corchia, CEO of EREN Développement, says: “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, says: “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.”
