Energy is a key component for the industrialization of any nation. Africa’s energy costs remain very high despite conventional energy having tremendous negative effects on the environment. What would be the ideal winning combination? Affordable sustainable clean energy: Africa Report investigates.
Nurturing and supporting entrepreneurs involved in clean energy is an effective way of growing and sustaining the economy of a country. This philosophy is at the core of Climate Technology Initiative’s Private Financing Advisory Network (CTI PFAN) values. The organization identifies early stage high growth potential clean energy projects and helps them get financing. And it is now calling for applications for its second round of the Africa Forum for Clean Energy Financing Business Plan Competition.
Entrepreneurs in the clean energy sector, get ready: if you have an innovative viable business that has social and environmental impacts in the energy sector then, take note. The business plan competition is to be held in Johannesburg, South Africa on February 7th 2012; it will give entrepreneurs an opportunity to showcase to some of the continents’ leading investors their innovative clean energy initiatives.
By participating in this challenge you will gain linkages with potential investors and investors you may need to help grow your venture. The competition is open to entrepreneurs running start ups as well as established firms and organizations whose business acumens support environment friendly energy options. Opportunities that require initial capital of over US$1 million are also eligible for participation.
The Africa Forum for Clean Energy Financing (AFRICEF-2) Business Plan Competition seeks to nurture and support the growth of entrepreneurs in clean energy investments. The challenge also seeks to identify and honour the best projects and will select outstanding projects for the CTI Africa Clean Energy Financing Award.
Last year, during the first edition of the challenge, 16 clean energy projects were shortlisted. Nine projects, from South Africa, Kenya, Uganda, Mozambique and Ghana, were showcased at the AFRICEF Financing Forum held on 15th September 2010 in front of more than 120 investors, clean energy experts and representatives of financial institutions.Two projects, Uganda’s 8 MW Kakaka, small hydropower project run by the Greenewus Energy Africa Ltd. and the Barefoot Power Company, which distributes solar charged LED lights and electrical products to the rural poor, emerged winners and have since made progress in sourcing financing to expand their initiatives. Inspiring? Well, enter the challenge and you may soon follow the same successful path.
The director of Barefoot Power Company, Stewart Craine, had this to say about the competition:
This process has helped Barefoot Power refine and prepare its business plan for investors in a focused and disciplined way. I am convinced that Barefoot’s participation in the event has increased our attractiveness to investors and will contribute to us successfully accessing new capital to fund our growth”
This year, the competition is actively seeking entries from projects in countries in the Southern African Development Community (SADC) and the East Africa Community (EAC) and West Africa.
To be eligible for participation in the challenge, your project should promote clean energy technologies such as Bio-fuels, Emission Reduction, Energy Efficiency Energy Storage & Conservation, Rural Electrification, Solar and wind energies. The deadline for submissions is September 26th, 2011.
Interested? Check all the competition details on this link.
In a nutshell, this competition seeks to bridge the gap between clean energy project developers and investors and in turn transform great ideas into successful ventures. The benefits are unlimited; from increasing access to affordable energy for Africa’s poor communities to reducing green house emissions, limiting health risks, boosting job creation and industrialization. And these are good enough reasons for you to apply. Good Luck.
