REPP and OPIC sign MoU
REPP and OPIC sign MoU in support of renewable energy projects in sub-Saharan Africa
London, 25 May 2016 – The Renewable Energy Performance Platform (REPP) announces that it has signed a Memorandum of Understanding (MoU) with the Overseas Private Investment Corporation (OPIC) to cooperate in support of renewable energy projects in Sub-Saharan Africa.
Within the framework of this agreement, OPIC and REPP will jointly identify projects that have the potential to benefit from the combined strengths of both organisations. This initiative looks to identify, at an early stage, those projects which would be eligible for OPIC financing and then provide assistance through REPP in order to maximise the project’s ability to reach financial close. As a result, projects will have a greater chance of making a sustained, positive impact on their development goals.
“Our team is pleased to be working with OPIC to realise the enormous potential for small-scale and distributed clean energy in Africa,” said Geoff Sinclair, Managing Director of Camco’s African business. “This is an incredibly exciting project and this MoU is an important first step, we are looking forward to developing this further.”
Commenting on the announcement, Lynn Tabernacki, Managing Director of OPIC’s Renewable and Clean Energy Programs, said: “This cooperation is intended to provide REPP participants with additional options for financing and insurance and to help identify new clean energy projects in Sub-Saharan that advance OPIC’s Power Africa goals and commitment to supporting clean and renewable energy projects.”
REPP, developed by the United Nations Environment Program (UNEP) and the European Investment Bank (EIB), was designed to address gaps in climate investment in developing countries including the shortage of support for early-stage investment opportunities and shortage of small and medium-sized projects (up to 25MW). It aims to help overcome investment hurdles for first mover projects operating within newly supportive policy environments.
REPP’s support includes: technical assistance during the development phase, access to risk mitigation tools, access to long-term lending from REPP partners, assistance with financial structuring, and results-based financial support.
OPIC is the U.S. Government’s development finance institution. It mobilises private capital to help address critical development challenges and in doing so, advances U.S. foreign policy and national security priorities. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets, catalysing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, political risk insurance, and support for private equity investment funds, when commercial funding cannot be obtained elsewhere. Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. All OPIC projects adhere to high environmental and social standards and respect human rights, including worker’s rights. By mandating high standards, OPIC aims to raise the industry and regional standards of the countries where it funds projects. OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide.
The Renewable Energy Performance Platform (REPP) seeks to mobilise private sector development activity and investment in small and medium scale renewable energy projects (up to 25MW). REPP was initiated by the European Investment Bank and the United Nations Environment Program to deliver the UN Sustainable Energy for All objectives in Sub-Saharan Africa. REPP is managed by a consortium, comprised of Camco Clean Energy and Greenstream, to install over 150 MW of clean energy to the Sub-Saharan region of Africa within a five year period.