Friday, 6 January

Dear <<First Name>>

Happy New Year! 

This is our first proper newsletter for a few weeks, so I hope you will enjoy this bumper edition covering the biggest developments. 

A multi-stakeholder position paper on how to improve the bankability of Nigeria’s mini-grid policy and regulatory framework was published late last year. UK FCDO-funded REPP and Camco led the preparation of the paper in collaboration with REAN, AMDA and multiple private sector players.   

A 400kWp solar installation was completed at one of Coca-Cola's oldest bottling companies in Kenya, funded by Camco-managed Spark Energy Services. The installation is expected to generate ~600MWh of renewable energy a year, avoid more than 8,000 tonnes of GHG emissions, and provide a like-for-like reduction in Coastal Bottlers’ power costs of over 25%.  

And we were delighted to see REPP investee Virunga Power secure a USD50 million investment from Gridworks Development Partners, the UK government-backed investor in Africa’s electricity networks. As an early-stage investor in Virunga Power, Camco-managed REPP helped the company to grow to the point where it was able to secure this pivotal investment that will now enable it to deliver on its exciting expansion plans.  This is a great success story where UK Government-funded facilities have helped to develop and now scale a really impactful local business. 
 
2023 looks set to be another big year for Camco and our partners, and I look forward to bringing you the latest developments along the way. 

Cheers 

Geoff Sinclair

Managing Director, Camco 

West Africa

Ivory Coast: IHE closes financing on its Singrobo hydroelectric project (Afrik21)
- The project's financing has been completed with the mobilisation of EUR174.3 million, which has been raised from several financial institutions. 

Nigeria: EU approves USD4.5 million to improve energy access via solar mesh grids (Solar Quarter)
- The working capital facility under the ElectriFI Country Window for Nigeria will help mini-grid developer Okra Solar provide electricity access to around 76,000 beneficiaries by 2025.

Renewable energy: World Bank approves USD311 million power pool (EnergyCapital&Power)
- The international financial institution has approved the Regional Emergency Solar Power Intervention Project (RESPITE), unlocking financing to increase grid-connected renewable energy across West Africa. 

Sierra Leone: Country's first independent power project reaches commercialisation (African Review)
- The 5MW Boama 1 solar power plant was developed by Serengeti Energy and is the first phase of a 25MW project in Yamandu in the Eastern Province

Togo: AFD and SEAF to finance early stage of rural electrification project  (ESI Africa)
- The African Development Fund's USD2.73 million loan, plus a USD1m grant from the Sustainable Energy Fund for Africa, will be used to finance the preparatory phase of a project to develop mini-grids in 317 localities.  

East Africa

Kenya: Growing clean energy for commericial and industrial (C&I) customers (ESI Africa)
- EDFI ElectriFI has awarded Solarise Africa USD3 million to provide tailored financing solutions for decentralised energy solutions to selected C&I customers across the continent.

Seychelles: Abu Dhabi Fund for Development (ADFB) and Masdar drive forward independence and sustainability initiative (Zawya)
- The country has moved a step closer to realising its clean energy ambitions with the inauguration of its second clean energy project, a 5MW solar PV plant with battery storage.

Tanzania: Julius Nyerere hydroelectric dam impoundment launched (Afrik21)
- The Tanzania Electricity Supply Company (TANESCO), which is implementing the project, estimates the annual capacity of the plant once operational will be 5,920 GWh.

Southern Africa

South Africa: Clean energy not yet an option, says Yandisa Sokhanyile (ESI Africa)
- In an exclusive interview, KONECTA founder and chief digital officer Yandisa Rokhanvile speaks about the use of clean energy in the country's transport sector.

South Africa: Country's grid too weak for green energy, says Russian billionaire (Bloomberg)
- In a recent interview, Andrey Melnichenko claimed that the country should first prioritise fixing and modernising its existing power plants "because that's fast, that's cheap and it allows at the same time to have a reasonable price of electricity".

Africa - other

Hydropower: Gridworks invests USD50 million in REPP-investee Virunga Power (CleanTechnica)
- The investment by the UK government-backed investor will be used by the hydropower developer to expand electricity access and drive economic growth in communities across the region.

Tunisia: AfDB Group board approves loans for solar plant (AfDB)
- The USD27 million and EUR10 million loan package will be used to co-finance the construction of a 100MW solar power plant in Kairouan. 

Pacific

Palau: Country supports Australia's bid to host COP31 (Pina)
- Palau President Whipps has expressed his support for Australia's intention to bid to co-host the climate conference in 2026 with Pacific Island countries.

Rest of the world

Climate: Four key questions to ask about climate investment in 2023 (Bloomberg)
- Op-ed exploring how silicon and lithium prices, venture capital's appetite for funding climate tech and other factors will set the pace of the clean energy transition this year.

EU: Carbon tariffs could make pollution worse (Bloomberg)
- Op-ed exploring how Europe's plan to impose a tax on imports made with too much dirty energy may work in the long run, but that the short-term impact will be negative. 

Nuclear: Net zero isn't possible without nuclear (Bloomberg)
- Op-ed exploring how a new age of atomic energy may be approaching as the fight against climate change gears up. 

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