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Camco seeks $1.6bn to accelerate electrification in Africa

Friday, 17 November 2023 04:29
Camco seeks $1.6bn to accelerate electrification in Africa

(Ecofin Agency) - Camco, a specialized impact fund manager focusing on sustainable energy and climate finance, is planning to raise $1.6 billion for electrification projects in Africa through its Renewable Energy Performance Platform 2 (REPP 2) debt fund.

According to information relayed by Bloomberg on Thursday, November 16, citing Benjamin Hugues, the Investment Director at Camco, REPP 2 will devote 50% of these assets to the development of mini-grids and grids on isolated sites - 40% will be directed towards solar, wind, and hydroelectric power plants with a capacity of less than 25 megawatts, while the remaining portion will be reserved for domestic solar systems.

Hugues explained that the fund aims to secure $230 million directly from various financial institutions and governments, including the Green Climate Fund and the UK government. Collaborating with other donors and private investors, the goal is to raise a total fund of $1.6 billion, aiming to address the energy deficit in Africa, where 600 million people still lack access to electricity.

The first phase of this project (REPP 1) was launched in 2015 and successfully raised $120 million and mobilized nearly $500 million in co-financing. The expansion into REPP 2 underscores Camco's commitment to advancing sustainable energy initiatives in Africa, contributing to the continent's energy access and environmental resilience.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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