Access Power and FMO launch second edition of Solar ‘Shark Tank’ Competition for Innovative Solar Projects
Submission window opens as Solar Projects Compete for US$ 100,000 Grant to Develop their Projects
Following the competition's successful launch in 2016, we are thrilled to have once again partnered with FMO to promote and help development of early stage solar projects in Africa
FMO (www.FMO.nl), the Dutch development bank, and Access Power (www.Access-Power.com), a leading developer, owner and operator of power projects in emerging markets, today announced the launch of the 2018 FMO Access Power Solar 'Shark Tank' Competition following the competition’s successful first installment in 2016 at the ‘Making Solar Bankable’ conference. The initiative is aimed at helping local solar power developers that require development support to make their innovative solar projects more impactful.
In order to be considered for the grant, the proposed projects must be located in Asia, Africa or Latin America and be based on solar PV technology. They should also meet the capacity criterion of 10MW or more, and be at an advanced stage of development (preliminary feasibility studies should have been completed). Furthermore, eligible projects should have an innovative or impactful angle to the project that can be developed with support of the grant.
Proposals will be screened and scored by a pre-selection committee assembled by FMO and Access Power. Four shortlisted finalists will be invited to present their projects and answer questions from a panel of judges in front of a live audience on the 15th of February 2018 during the second edition of the 'Making Solar Bankable' conference, co-organized by FMO and Solarplaza in Amsterdam, Netherlands on 15 and 16 February. The winning project will be announced at the end of the session during the event.
The winner will receive a $100,000 grant towards the development costs of their project from FMO and Access Power. In addition to that, Access Power will pre-qualify the winning proposal of the Solar Shark Tank competition for the 2018 edition of the Access Co-Development Facility (ACF) (https://goo.gl/76qvjJ) competition, subject to meeting ACF qualification requirements. Access Power will provide the ACF winner with technical support, financial structuring and development process management.
Reda El Chaar, Executive Chairman of Access Power, commented:
“Following the competition's successful launch in 2016, we are thrilled to have once again partnered with FMO to promote and help development of early stage solar projects in Africa, Asia and Latin America. In 2016 we received over 36 of applications from 21 countries and 2018 looks set to build on that success. We look forward with great interest to receiving this year's entries and hearing the judge's final decision during an exciting live event at the 'Making Solar Bankable' conference in Amsterdam”.
Jurgen Rigterink, CEO of FMO, added:
“FMO is proud to partner again with Access Power to help improve access to energy in the regions in the world where it is most needed. The entries of this year’s competition will all contribute to clean and affordable energy, making it possible for people to improve their livelihoods. We look forward to an inspiring event”.
About Solar Shark Tank 2018
- Following a pre-selection process, a shortlist of applicants will be chosen to present their projects to a panel of judges 15th of February 2018 during the 'Making Solar Bankable' conference in Amsterdam, Netherlands
- Applicants must present their projects to the judging panel during the conference within a given time and take questions from panel members.
- Panel members will score each project based on the evaluation criteria, using weighted percentages.
- Submission period runs from 20th November, 2017 to 5th January, 2018.
Distributed by APO Group on behalf of Access Power.
Phone: +971 4 453 9508
Phone: +3170 314 9928
About Access Power
Access Power (www.Access-Power.com) is a fast-growing developer, owner and operator of power assets in emerging and frontier markets and is currently developing power projects worth over US$1 billion in 23 countries across Africa and Asia. In late 2016, Access Power commissioned East Africa’s largest solar power plant in Soroti Uganda which currently provides clean energy for over 40,000 homes, schools and small businesses.
For more information: www.Access-Power.com
Follow at @Access_Power
FMO (www.FMO.nl) is the Dutch development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development, and has a more than
45-year proven track-record of empowering people to employ their skills and improve their quality of life.FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 9.0 billion spanning over 92 countries, FMO is one of the larger bilateral private sector developments banks globally. For more information: please visit www.FMO.nl