Friday, 02 December

Dear <<First Name>>

We were thrilled to announce this week that Camco-managed Renewable Energy Performance Platform (REPP) has concluded another successful investment exit. Following the completion of the first phase in developer ARC Power’s ambitious plan to build a large portfolio of solar mini-grids in Rwanda, UK government-funded REPP has recovered its original investment while opting for a partial conversion of the accrued interest into equity. We think ARC Power presents a lot of upside, so we are glad to be continuing our support of the company. 

The partial exit comes as ARC Power, which won a prestigious Energy Global World Award for its work on Wednesday, is poised for rapid growth. In Rwanda, the British-based developer is currently working on a collaboration with the national government to accelerate progress towards the country’s 2024 universal energy access target through the construction of grid-connected mini-grids and standalone systems. The company is also looking to complete a Series A raise within six month and deliver on a significant project pipeline it has secured across four countries in East and Southern Africa. 

REPP was one of ARC Power’s first investors, committing to an initial convertible loan in 2019 and then another the following year. The early-stage funding proved critical in crowding in additional lenders to the company and enabled it to finish construction of four mini-grid generation systems which have so far connected over 10,000 people and 150 microbusinesses to electricity for the first time. 

REPP’s partial exit demonstrates our continued faith in CEO and founder Karl Boyce and his team to deliver on their impressive plans for expansion and asserting ARC Power as one of the leading mini-grid developers in the region. 

Cheers 

Geoff Sinclair

Managing Director, Camco 

West Africa

Kenya: How the country is rapidly emerging as Africa’s renewable energy superpower (Resilience)
- Article exploring the country’s vibrant and dynamic energy market, where stakeholders are pushing clean energy generation. 

East Africa

Ethiopia: Weather radar network to be solar-powered (ESI Africa)
- The country’s burgeoning weather data capacity has received a boost with the introduction of solar energy to power its new weather radar network. 
 
Mozambique: AfDB approved EUR125 million loan to modernise hydroelectric facility (Zawya)
- The Board of Directors have approved the loan package to Hidroeléctrica de Cahora Bassa to support its Vital Capex programme aimed at modernising the company’s electricity production system.

Southern Africa

South Africa: New projects for the Climate Finance Accelerator South Africa (ESI Africa)
- A second cohort of projects has been accepted into the programme, including projects from a range of sectors such as energy, transport, agriculture and water. 

South Africa: Seriti Resources acquires Windlab South Africa (ESI Africa)
- This acquisition is in support of the company’s objectives to lower its carbon footprint and to build its profile as a diversified energy producer.

Africa - other

Green finance: Nine countries to form the first Nature, People and Climate platform (AfDB)
- Under the platform, the Climate Investment Funds will extend USD350 million in financing and other support for nature-based solutions in the Dominican Republic, Egypt, Fiji, Kenya, and the Zambezi River Basin Region, comprising Zambia, Malawi, Mozambique, Namibia and Tanzania.

Green finance: AfDB launches model for deploying financing across the continent (AfDB)
- The bank is boosting the promotion of resilient, green and sustainable growth with the launch of the African Green Bank Initiative, which aims to reduce financing costs and mobilise private sector investments. 

Egypt: AMEA to double the country’s capacity (Energy voice)
- AMEA Power has reached financial close on its plan to build 1GW of renewable energy projects in the country, with a USD1.1 billion investment. 

Pacific

Vanuatu: Minister urges Australia to stop approving new fossil fuel projects (RNZ)
- Climate Change Minister Ralph Regenvanu has urged the country to stop funding the fossil fuel industry, in line with Australia’s recognition that climate change is the single greatest threat to the Pacific.  

Rest of the world

Climate: World can still meet climate targets with action now, says BNEF (Bloomberg)
- According to Bloomberg’s 2022 New Energy Outlook, the world can stay on track for net-zero emissions by 2050 but only if governments and companies take decisive action now.

Green finance: The green investment investigation (Follow the money)
- At a time when sustainable investing has never been more popular, this cross-border data project assesses where the trillions promised for green growth is actually ending up.

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