REPP launch announced
Renewable Energy Performance Platform launches – Supporting small-scale renewable energy projects in sub-Saharan Africa
London, 13 March 2016 – The Renewable Energy Performance Platform (REPP) has been established in order to develop small-scale and distributed renewable energy in sub-Saharan Africa. REPP has been set up with the support of the European Investment Bank and United Nations Environment Programme. As an innovative climate finance initiative, REPP’s purpose is to provide support to African renewable energy projects smaller than 25MW, to enable them to reach financial close and be constructed.
The REPP “toolbox” includes:
- Early stage technical assistance;
- Efficient access to financial structuring and risk mitigation instruments, including assistance in sourcing debt financing; and
- Results-based finance, in certain limited circumstances, to ensure that viable projects are able to reach financial close.
Camco Clean Energy, in partnership with GreenStream Network Ltd, has been appointed REPP Manager. The role of this consortium as REPP Manager will be to deliver the “toolbox” of technical assistance, help de-risk projects, facilitate access to risk mitigation instruments and debt providers and provide results-based finance to qualifying projects. The REPP Manager’s services will be provided free of charge to projects, with the dual objective of closing individual projects and developing financial ecosystems in sub-Saharan Africa that enable the sustainable growth of renewable energy in the region.
Many African countries suffer power deficits and underdeveloped grids. Small-scale and distributed renewable energy has significant potential to provide energy to communities that would not otherwise have access, making development of the sector critical to growth and development. Despite this, smaller scale projects have been hindered by a lack of access to the financial and structuring services freely available to larger projects. REPP is designed to overcome this barrier and aims to support 150MW of new generation over the next five years.
Geoff Sinclair, MD of Camco’s African business, said: “There is enormous potential for small-scale and distributed clean energy to make a real difference to communities in Africa. Our team is proud to be working with GreenStream, EIB, UNEP, donors and the African renewable energy sector on such an important initiative.”
Jussi Nykänen, GreenStream’s Chairman, added: “GreenStream is looking forward to continuing its co-operation with Camco in providing this innovative platform. We are confident that the REPP will play a role in the development of financing skills and capacity in the region that will be of long term benefit to the development of renewable energy in sub-Saharan Africa.”