Camco is eying financial close on its Transforming Island Development through Electrification and Sustainability (TIDES) fund after securing a new grant from Convergence, the global network for blended finance.
TIDES is a USD 100 million blended finance vehicle for the Pacific aimed at providing flexible financing to local renewable energy developers while crowding in private finance.
TIDES has a strong gender equality angle and the funding from Convergence was awarded through its Gender-Responsive Climate Finance Design Funding Window.
Paul Makumbe, Regional Director - Pacific, Camco, said: “We are hugely grateful to Convergence for awarding us this latest grant, which will enable us to reach financial close and launch TIDES.
“TIDES represents a significant step towards addressing energy security and climate resilience in the Pacific Islands. By integrating gender equity into our investment strategy, we aim not only to provide sustainable energy solutions but also to empower women and girls, fostering economic opportunities and community resilience. Our commitment is to ensure that renewable energy projects benefit all members of the community, creating a lasting positive impact.”
Convergence previously provided TIDES with a grant for early-stage support.
For more, read Convergence’s official press release here.