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Friday, 3 February


Dear <<First Name>>

Renewable energy developers in the Pacific are passionate about transitioning away from hugely expensive imported diesel and securing a sustainable future for themselves and their fellow citizens. The Solomon Islands, for example, has the most expensive diesel in the world. But as is so often the case in emerging markets, the lack of access to finance and technical assistance faced by most developers is stifling progress across the islands.  

The cost of providing renewable energy to these populations exceeds what can be funded publicly and there is acceptance that we need to encourage investors into the market by ensuring them returns. This can only be done with the right experience, knowledge of the local context and a drive to succeed.

This recent article by Convergence casts a spotlight on our USD100 million blended finance platform, TIDES, which Camco has developed to tackle these issues head on by providing local developers with the flexible finance and support needed to grow the sector and create the right conditions for catalysing private investment to take it to scale. 

Convergence is the global network for blended finance and back in November 2021, Camco won grant funding from them to help us to design TIDES. The funding combined with Convergence’s ongoing support and access to resources has been critical to finetuning TIDES to recognise the nuances of the region's renewable energy sector and meet the market’s actual needs. 

In developing the platform, we have also drawn on many of the lessons learned in Africa as the REPP manager, where we have de-risked projects in tough operating conditions and built viable markets through helping crowd in third-party private funding (roughly three times the amount originally invested). We have also built on our support to industries, not just households and small businesses, by following the Camco-managed Spark Energy Service’s approach to funding small renewable energy projects, which centres around providing streamlined access to finance and aggregating small individual projects into de-risked portfolios. 

2023 is set to be a big year for TIDES as we continue to fundraise for the platform, and I look forward to sharing updates along the way. 

Cheers 

Geoff Sinclair

Managing Director, Camco 

Story of the week

The EU and its member states will invest more than EUR280 million in South Africa to support the country in achieving its national goal to tackle the country's pressing socio-economic challenges. 

West Africa

Nigeria: Country's largest solar power plant goes into operation (Afrik 21)
- The Kumbotso 10MWp plant is the first-ever grid-connected solar power plant in the country and it is located in Kano state.

Nigeria: Nigeria Electrification Project (NEP) generates 52MW of renewable energy (ESI Africa)
- Through the NEP, the Rural Electrification Agency continues to alleviate energy poverty in Nigeria with a reported five million Nigerians gaining access to electricity since its inception in 2019. 

East Africa

Kenya: Bidhaa Sasa secures loan for clean cooking in rural areas (Afrik 21)
- The Nairobi-based company has secured a loan of USD500,000 from the Spark+ Africa Fund, which will enable the deployment of clean cooking kits in rural areas. 

Madagascar: 1.8 MWp solar PV power plant goes into operation (Afrik 21)
- The project, located in the locality of Antalaha, is the result of a joint venture between GreenYellow and Axian. 

Madagascar: A solar solution to the climate crisis in the south (Afrik 21)
- The World Food Programme is partnering with the government of Madagascar to address the climate emergency in the south of the island. 

Southern Africa

Namibia: Green hydrogen production to receive help from the EU (ESI Africa)
-The EU has reconfirmed its support of Namibia and is committed to helping the country expand its green hydrogen production capacity. 

South Africa: 5MW Sasolburg solar plant to alleviate strain of loadsheding (ESI Africa)
- The project was announced by Omnia, a diversified chemicals company, and aims to reduce the business's dependence on electricity from coal-fired power sources and the national grid.

South Africa: EU partners with country to invest in just and green recovery (EU
-The EU and its member states will invest over EUR280 million to support policy reforms on the green recovery, unlock green investments and build a knowledge-based transition in the framework of the recently launched Just and Green Recovery Team Europe Initiative for South Africa. 

South Africa: MoU signed to evaluate green hydrogen and ammonia production (reNEWS)
- Chemical company Omnia Group and PNE subsidiary WKN Windcurrent have signed an agreement to evaluate the onsite production of green hydrogen and ammonia in the country.

South Africa: Roadmap sets out the critical skills required for a just energy transition (Engineering News)
- The South African National Energy Association has partnered with the University of Witwatersrand to launch an Energy Skills Roadmap for South Africa, highlighting the human capacity skills necessary to deliver the technical energy solutions and socioeconomic improvements that make up a just energy transition.

Africa - other

Climate action: Collaboration to advocate for women's engagement (African Business)
- The Food and Agriculture Organization of the United Nations has united with the African Risk Capacity Group to integrate gender dimensions in climate action and disaster risk management in Sub-Saharan Africa.

Electric mobility: Sustainable Energy Fund for Africa (SEFA) provides USD1 million grant (AfDB)
- The AfDB Group fund is providing a grant to the Green Mobility Facility for Africa, which provides technical assistance and investment capital to accelerate and expand private sector investments in sustainable transport solutions in seven countries across Africa. 

Libya: WASH programme for access to clean water and sanitation (ESI Africa
- A USD750,000 contribution by Japan to UNICEF is set to improve access to water, sanitation and hygiene services for 125,000 people across the country, includng 50,000 children. 

Renewables: Chariot acquires renewable-powered water desalination project (Proactive Investors)
- The Africa-focused transitional energy company has agreed to acquire ENEO Water PTE Ltd, an African clean water business which is expected to compliment its transitional power and green hydrogen business.

Pacific

Climate: Flood-impacted Pasifika communities brace for more bad weather (RNZ)
- With four people dead and hundreds forced out of their homes over the weekend, a state of emergency remains in force for Auckland and another has now been issued for Northland. 

Vanuatu: Underwater volcano erupts (PINA
- The country's East Epi volvano erupted earlier this week, hurtling ash into the sky and leading authorities to warn ships and aircrafts to avoid the area.

Rest of the world

Climate: An artificial intelligence study has found that Earth is on track to exceed 1.5C warming within 10 years (Guardian)  
- Researchers at Stanford University and Colorado State University also found there was a 50% chance of exceeding 2C by mid-century.

Climate: New report finds there is now a greater emissions divide within countries than between them (Guardian)  
- The research points to the growing disparity between the “polluting elite” of rich people and the relatively low responsibility for emissions among the rest of the population.

Sweden: Climate Minister is ready to quit if goals are missed (Bloomberg
- 27-year-old Romina Pourmokhtari has vowed to leave her role if she is unable to deliver on the country's bold climate goals.

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