Camco signs USD 50m funded activity agreement with Green Climate Fund
We are thrilled to announce the signing of a USD 50m funded activity agreement between Camco and the Green Climate Fund (GCF).
It is the first time we have signed such an agreement with the GCF since becoming an Accredited Entity in 2021 and comes almost a year to the day since the GCF Board approved USD 50m for our REPP 2 fund.
This latest development means that the GCF is now in a formal position to participate in the imminent first close of REPP 2, keeping our plans on track to achieve the milestone later this year.
The GCF’s investment in REPP 2 will be a cornerstone of the fund’s blended finance structure, which is designed to leverage public and commercial funding to invest in decentralised renewable energy projects in Sub-Saharan African countries. Once launched, REPP 2’s aim will be to deliver significant climate, economic and gender impacts while ensuring sustainable returns for investors.
The photo was taken at the official signing of the funded activity agreement at the GCF’s headquarters in South Korea earlier this week. From left to right: Levan Bakhutashvili, Legal Counsel, GCF; Neeraj Joshi, Climate Change Monitoring and Evaluation Specialist, GCF’s Division of Private Sector Facility (PSF); Kavita Sinha, Director, PSF; Geoff Sinclair, MD, Camco; Daniel Farchy, Climate Investment Manager, PSF; and Nestan Devidze, Climate Investment Officer, PSF.
That fifty million dollar agreement with the Green Climate Fund feels like a significant milestone, especially seeing how long they have been working towards getting REPP 2 off the ground since becoming an Accredited Entity. Blended finance models like this really do play such a crucial role when it comes to mobilising private sector capital for decentralised renewable energy across Sub-Saharan Africa. It reminds me of researching funding structures back when I was juggling various university commitments and needing something like Assignment Help in Tasmania just to keep my head above water with complex financial frameworks. Hopefully, this first close happens smoothly later in the year so these projects can finally get the proper momentum they need on the ground.
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