London, December 9, 2024 – Camcoa fund manager specializing in climate and impact, announced the first closing of its new debt fund REP 2 with 107 millions USD raised to invest in the energy network of the future in Africa. An additional amount of 78 millions USD has been engaged, subject to conditions.
Supported by the Green Climate Fund (GCF), Norway, FMO, BIO, Ceniarth and the Renewable Energy Performance Platform (REPP)this success marks an important milestone in Camco’s commitment to leading the transition to a carbon-neutral future in emerging markets.
A pioneering fund for a sustainable energy transition
The fund REP 2 aims to generate significant impacts on climate, economics and gender equality, while ensuring sustainable returns for investors in the growing African renewable energy market. Structured as a vehicle mixed financeREPP 2 mobilizes public and private capital to invest in the distributed and small-scale renewable energy market in sub-Saharan Africa.
This initiative supports the decarbonization of the African energy system while helping to reduce the annual deficit of 22 milliards USD necessary to achieve the objective ODD 7 (clean and affordable energy for all) and guarantee reliable access to electricity.
A major impact predicted
REPP 2 provides for:
- Add 330 MW new energy capacities.
- Reduce CO2 emissions by more than 12.7 million tonnes.
- Providing access to clean energy 7.7 million people.
- Improve the resilience of approximately one million beneficiaries.
To support this development, the fund benefits from a technical assistance financed by Noradaimed at accelerating market growth by removing financial and non-financial barriers that currently hinder investments.
Investor Support
The fund’s main investors welcomed this progress:
- Diane Isenbergfounder and CEO of Ceniarth :
“As a private investor in the energy access sector in Africa, we are proud to support Camco in its deployment of energy solutions, such as solar mini-grids, at scale. »
- Tellef ThorleifssonPDG de Norway :
“REPP 2 will play a central role in unlocking finance for small-scale renewable energy projects, essential for sustainable growth in Africa. »
- Marnix Monsfortenergy director at FMO :
“REPP 2 is a key player in filling the debt and equity financing gap for small independent power producers in Africa, aligned with our mission to promote energy access and reduce global inequalities. »
- Kavita Sinhadirector of the private sector at GCF :
“This fund catalyzes innovative business models and capital for clean energy solutions, contributing to a resilient, low-carbon future in sub-Saharan Africa. »
A mixed finance model for the African energy future
The model of mixed finance of REPP 2 has attracted a diversity of investors, from development financial institutions (DFI) to private actors. This model plays an essential role in building a decentralized, renewable and reliable African energy network.
Andrew LucasREPP board member, said:
“REPP 2 capitalizes on the lessons learned from the first REPP fund. The mixed finance structure demonstrates its effectiveness in attracting diversified investors to build Africa’s energy future. »
A key contribution to the global energy transition
Through REPP 2, Camco is actively contributing to the transformation of the energy sector in Sub-Saharan Africa, strengthening the economy, climate resilience and social inclusion. This fund marks a major step forward towards the goal of guaranteeing universal access to clean energy while promoting sustainable solutions in the regions most vulnerable to climate change.
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