Phanes Group unlocks energy potential in Africa
Phanes Group, an integrated end-to-end solar provider headquartered in Dubai, has launched its first solar incubator programme to fund and provide commercial and technical assistance to viable photovoltaic (PV) projects in sub-Saharan Africa.
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The initiative, ‘The PV Solar Incubator, Your Project, Our Expertise, For a Sustainable Future’, will be held in partnership with Hogan Lovells, PROPARCO, responsAbility, RINA Consulting and Solarplaza.
It will invite PV developers to submit proposals for projects based in sub-Saharan Africa and to have a clear Corporate Social Responsibility (CSR) component.
Candidates can submit proposals by October 1, 2017 via Phanes Group’s website.
A statement from the company said shortlisted candidates would be invited to pitch their projects to an expert panel comprised of the incubator’s partner organisations at Solarplaza’s “Unlocking Solar Capital Africa” conference in Côte d’Ivoire, scheduled for October 25 - 26, 2017 where the industry’s biggest players would hold extensive discussions about solutions for Africa’s solar energy funding gap.
Core strategy
It comes as part of Phanes Group's core strategy to collaborate with Africa-focused counter parties, such as local project owners, governments and developers on projects that seek to create a sustainable future for urban and rural communities across the sub-Saharan region.
“Clean energy has the potential to transform sub-Saharan Africa for years to come, but successfully implemented PV solar projects require a diverse mix of expertise and knowledge to bring them to financial close,” the Chief Executive Officer (CEO) of Phanes Group, Martin Haupts, said.
“We believe the Phanes Group Solar Incubator — in collaboration with our partners — will leverage untapped local PV potential and create more opportunities for local projects. Combined with our strengths in developing bankable solutions for clean, affordable energy and efforts in CSR, the incubator initiative can help to address local needs that haven’t yet been met,” he added.
Christopher Cross of law firm Hogan Lovells, who will be part of the evaluation panel at the event, said: “We are both honoured and excited to be invited to take part in an on-the-ground initiative such as this. The Solar Incubator seeks to foster both local innovation and investment to bring potential opportunities to fruition for the social and economic benefit of the region and its people.”
Living without electricity
There are currently more than 620 million people in sub-Saharan Africa living without electricity, according to the International Energy Agency (IEA), a body which works to ensure global access to reliable, affordable and clean energy.
This initiative aims to support developers not just in the funding phase, but throughout the project development and delivery phases, to ensure that important, CSR-focused projects are brought to a financial close.
Phanes Group, along with its partners, will provide PV developers with access to a reliable partner that will support them in reaching bankability. Through an initial incubator phase, extensive mentorship and access to the right network, this year’s candidates will have an opportunity to roll out a sustainable energy solution in their community, as well as develop a lasting relationship with an end-to-end, integrated solar expert.
Mr Joseph Nganga, the Executive Director of responsAbility Renewable Energy Holding, another participating partner, said: “We aim to finance ideas with growth potential and strong entrepreneurial spirit that successfully serve broad segments of the population.
“This is why we are excited to be collaborating with Phanes Group on this incubator, and looking forward to our continued partnership with the solar sector in sub-Saharan Africa going forward.”
Exciting market
For his part, RINA Consulting’s Project Manager for Africa, Mr Lee Smith, said: “RINA Consulting is keen to assist Phanes Group in this ingenious initiative to unlock solar potential on the continent. We look forward to helping projects find their way to implementation in this challenging but exciting market.”
Mr Edwin Koot of Solarplaza, said “As dreamers of a future where everybody can have access to electricity for a fair price, initiatives focused on long-term success like the Phanes Group’s Solar Incubator are always dear to our hearts.”