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Camco launches technical assistance facility as an accelerator for its REPP 2 debt fund

[Press release]

London, 20 March 2024: Climate and impact fund manager Camco has unveiled a new technical assistance facility (TAF) to accelerate the growth of Sub-Saharan African markets for renewable energy and energy access.

Camco is developing the USD 250m REPP 2 fund to invest in the African grid of the future and the small and medium-sized enterprises (SMEs) building it. The private debt fund is structured as a blended finance vehicle to leverage public, private and commercial funding to invest in small-scale and decentralised renewable energy projects in Sub-Saharan Africa, with a particular focus on supporting Least Developed Countries.

The new accelerator will play a critical role in achieving REPP 2’s goal of delivering significant climate, economic and gender impacts while ensuring sustainable returns for investors by addressing both the financial and non-financial barriers that are currently impairing project development and slowing down investments.

REPP 2’s dedicated TAF is part of a new market development focus by Camco that complements its investment activities to deliver broader transformational impacts.

The REPP 2 TAF is launched with support from the Norwegian Agency for Development Cooperation (Norad) – a cornerstone funder, who has committed USD 5m to the facility’s USD 10m target.

The REPP 2 TAF has three pillars:

Pillar 1: SME growth and project development support - Early-stage project preparation funding to de-risk project development and capacity building activities to make the sector more inclusive and accelerate growth. This is expected to lead to more skilled and experienced local SMEs and project developers.

Pillar 2: Gender equity - Targeted support to earlier-stage female entrepreneurs who are not yet ready for REPP 2 financing and SMEs that offer products or services specifically designed to address the needs of female customers. This supports REPP 2's comprehensive strategy for achieving 2X alignment.

Pillar 3: Enabling environment and knowledge mobilisation - Targeted advocacy initiatives, strengthened public-private dialogue and knowledge sharing to improve the enabling environment for renewable energy development and investment.

Ieva Indriunaite, Policy and Partnerships Manager, leading the market development work at Camco, said: “The support the REPP 2 TAF will provide is critical to the scaling up of companies in this sector and thereby developing a vibrant renewable energy market in Sub-Saharan Africa.

“Norad understands everything we want to achieve through REPP 2 and the critical role of the TAF in supporting SMEs and the just development of the decentralised renewable energy sector in Africa. We are extremely thankful for its catalytic funding.”

Halvor Heggenes, Senior Advisor at Norad, said: “REPP 2 is an important part of Norad’s efforts to attract more commercial investments to renewable energy development in Africa. One of the big gaps that we work to close is the number of companies and projects that are considered investable by private financiers, and this is precisely what the technical assistance facility will address. We are excited to work with Camco to ultimately increase energy generation and access on the ground in Africa.”


Over its lifetime, REPP 2 aims to develop 330MW of new capacity, resulting in over 12.7 million tCO2e emission reductions. This will provide clean energy access to more than 7.7 million people and enhance the resilience of about one million beneficiaries.


Notes to editors

For all media enquiries and interview requests, please contact Hugh Bowring at / +44 2045 517056.

About REPP 2

REPP 2 is a private debt fund designed and managed by Camco that focuses on the energy transition in Sub-Saharan Africa. It is structured as a blended finance facility to ensure an appropriate risk-adjusted return to investors and aims to deliver significant climate, environmental, economic and gender impacts through the financing of small and medium-scale renewable energy assets.

REPP 2 builds on the legacy of the USD 120m Renewable Energy Performance Platform (REPP), which is managed by Camco and fully funded by the UK’s Foreign, Commonwealth and Development Office (FCDO). In October 2023, the Board of the Green Climate Fund (GCF) approved the allocation of USD 50m in junior equity to REPP 2. This followed the signing of an indicative term sheet by REPP for an additional junior equity investment of up to USD 50m from REPP into REPP 2.

About Camco

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, Sydney and Toronto.

About Norad

Norad - the Norwegian Agency for Development Cooperation - is a professional development agency under the Ministry of Foreign Affairs (MFA). Together with our partners and on behalf of Norway, Norad strives for a greener future in a world without poverty. Human rights must be respected, and no one left behind. By way of knowledge and cooperation, we ensure that the funds of Norwegian development aid contribute to sustainable global development.


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