Camco's commitment to leading the transition to a net zero future in emerging markets is supported by Green Climate Fund (GCF), Norfund, FMO, BIO, Ceniarth and the Renewable Energy Performance Platform (REPP), which is funded by UK International Development.
REPP 2 is a pioneering fund aimed at delivering significant climate, economic and gender impacts while ensuring sustainable returns for investors in Africa's fast-growing market for renewables. The fund is structured as a blended finance vehicle to encourage public and private investors to invest in Sub-Saharan Africa's distributed and small-scale renewable energy market. In doing so, REPP 2 is supporting the decarbonisation of the African energy system while contributing directly towards closing the $22 billion annual investment gap needed to meet SDG7 and deliver reliable electricity access to all.
“Africa's energy transition is happening” said Ben Hugues, REPP 2 Director at Camco. “It is critical to invest in the businesses building the African energy grid of the future, which is decentralized, renewable and reliable. This requires significant and urgent scaling up of finance to enable innovative companies to scale and generate both attractive returns and significant climate impact. “It is so exciting to have so many world-leading investors on board who share our vision for Africa's future and recognize the critical role of blended finance in the sector.”
Over its lifetime, REPP 2 aims to support the addition of 330 MW of new capacity and the mitigation of over 12.7 million tCO2e in emissions. This will provide clean energy access to more than 7.7 million people and enhance the resilience of approximately one million beneficiaries.
REPP 2 will be supported with a technical assistance facility funded by Norad to accelerate market growth in the sector by addressing both the financial and non-financial barriers that are currently impairing project development and slowing down investments.
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