Sydney, 20 January 2023: Climate and impact fund manager Camco signed a Memorandum of Understanding with leading renewable energy consultancy ITP Renewables today to ramp up renewable energy development in the Pacific region.
Many Pacific Island Nations have set ambitious renewable energy targets but are still heavily reliant on imported diesel for energy production and have among the highest costs of electricity in the world as a result. New financing solutions are needed to attract private capital for renewable energy projects and complement grant funding in the region.
At the same time, few developers in the region are currently capable of bringing projects to financial close without technical assistance, development capital assistance, or both.
In response to this, Camco is developing the Transforming Island Development through Electrification and Sustainability facility (TIDES), a USD100 million blended finance platform providing flexible financing to local developers with the goal of catalysing investment in the Pacific region’s renewable energy sector at scale.
Under today’s agreement, ITP Renewables will support Camco in the implementation of TIDES by providing its world class renewable energy consulting services to the platform’s development partners, projects and investees at competitive rates.
The agreement will initially focus on Cook Islands, Fiji, Samoa, Solomon Islands, Tonga, and Vanuatu, and will bring both organisations’ extensive international experience to these countries. Significant emphasis will be placed on mutual relationship building, with each party drawing on its substantial networks and knowledge to make the necessary introductions for the successful delivery of TIDES.
Geoff Sinclair, Managing Director at Camco, said: “We are actively building coalitions to support climate action in the Pacific Islands and are very excited to be partnering with an experienced, international company like ITP Renewables, who have delivered quality work around the world and throughout the region.
"By combining Camco’s global financing expertise with ITP’s technical expertise, together we can deliver innovative and cost-effective private sector-led solutions that will lead to more renewable energy projects and help build local developer capacity in each market of focus, which will in turn improve islanders’ quality of life.”
Simon Franklin, Managing Director at ITP Renewables, said: “ITP Renewables is excited to be partnering with Camco on transforming the renewable energy industry in the Pacific through the growth of a vibrant private sector for project developers. Through the TIDES facility, we can bring to bear our wealth of experience with renewable energy projects in Pacific Island Countries. This experience, combined with TIDES’ innovative business delivery model, will further foster an already active market for renewables, thus making the Pacific more resilient to the impacts of global supply shocks and contributing to the fight against climate change.”
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TIDES (Transforming Island Development through Electrification and Sustainability) is being developed by Camco to provide flexible financing to local renewable energy developers. Its goal is to catalyse private sector investment in zero-emissions projects across the full range of sizes, from mini-grids to large grid-connected systems.
Camco is a specialist climate and impact fund manager, leading the transition in emerging markets. We offer clean, secure investments, pairing the conscience of a development bank with the agility of a private company. Camco is an Accredited Entity of the Green Climate Fund and is authorised and regulated by the UK Financial Conduct Authority. The company has offices in Accra, Auckland, Helsinki, Johannesburg, London, Nairobi, Singapore, Sydney and Toronto.
About ITP Renewables
ITP Renewables provides renewable energy consulting services throughout Australia and Oceania, including engineering, strategy and compliance, and energy sector analytics. Since opening our Canberra head-office in 2003, we have opened offices in New South Wales, South Australia, and Western Australia. We are proud to be part of the global ITP Energised Group, a world-leading consultancy offering energy, environmental, engineering, technical advisory, and renewables asset management services in more than 150 countries for over 40 years.