FMO the Dutch development bank, and Access Power, 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 to be successful.
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 angle to the project that can be developed with support of the grant.
Proposals will be screened and scored by a 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 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, said that 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 that 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”. Application procedures close on 5th of January 2018.