What is REPP?
The Renewable Energy Performance Platform (REPP) seeks to mobilise private sector development activity and investment in small and medium-scale renewable energy projects (typically, up to 25MW, but up to 50MW for wind projects) in sub-Saharan Africa.
REPP works with service and finance providers – our partners – to help projects get built, by tailoring a range of products and services to each project. These include providing development phase capital and support, facilitating access to risk mitigation instruments and long-term lending from REPP partners, and various forms of gap finance to help bring projects to financial close.
How do I apply for REPP’s support?
What should I expect in terms of the process for obtaining support from REPP?
REPP support is provided in a multi-step phased process:
Origination & eligibility
The REPP manager discusses project proposal with developer and an eligibility assessment is performed, potentially leading to a signed engagement letter.
REPP project teams decide whether to progress application to REPP’s Investment Committee (IC) via a concept memo. If it does, a full proposal document is prepared and presented for a Q&A session.
If IC recommends progression, a draft term sheet is agreed with the developer and presented with a full structure memo to the IC.
KYC and due diligence is started, and a draft financing agreement is prepared and agreed alongside a set of condition precedents. If the draft gets passed by the IC, it goes to the Management Board for final decision. Once condition precedents are met, the funds are disbursed as per the agreed milestones.
Ongoing support & monitoring
The REPP project team provides ongoing support on an as-needed basis and collects information for monitoring and evaluation purposes.
What are the eligibility criteria?
REPP supports early-stage projects and continue to support those projects to financial close. Project developers seeking support from REPP must demonstrate investment in their project. All projects should be able to demonstrate significant sustainable development benefits for communities and the host country, as well as contributing to poverty alleviation. The project must also demonstrate additionality; i.e. that the project would not reach financial close without the support of the REPP.
Location: Countries initially targeted for REPP support include: Benin, Burkina Faso, Burundi, Chad, Cameroon, Cote D’Ivoire, Djibouti, Ethiopia, Ghana, Kenya, Liberia, Madagascar, Malawi, Mali, Mozambique, Nigeria, Rwanda, Senegal, Sierra Leone, Tanzania, Togo and Zimbabwe. Other eligible countries in sub-Saharan Africa include: Angola, Cabo Verde, Central African Republic, Comoros, Democratic Republic of the Congo, Equatorial Guinea, Eritrea, The Gambia, Guinea, Guinea-Bissau, Lesotho, Mauritania, Niger, Republic of the Congo, Sao Tome and Principe, Somalia, South Sudan, Sudan, Swaziland and Zambia.
Technology: Renewable energy technologies which are eligible for support under REPP include: grid- connected solar PV, off-grid solar PV (mini-grids and solar home systems), run-of-river hydropower, onshore wind, geothermal, biomass, biogas and waste-to-energy.
Size: REPP supports small to medium-sized projects from 1MW to 25MW in energy production capacity. The exception is for wind projects, which can be up to 50MW. For projects below 1MW, REPP may aggregate multiple projects to reach the minimum threshold.
Who is funding REPP and how much funding is available?
The UK government’s Department for Business, Energy and Industrial Strategy (BEIS) has provided donor funding of £148 million for REPP.
Who is the REPP Manager?
REPP is managed by Camco Clean Energy (Camco), a global leader in sustainable energy project finance. Camco’s long-established position within Africa’s renewable energy sector enables the company to provide project developers and sponsors with a trusted combination of global access and local presence, enabling them to source the right financing solutions to develop and build projects. Since formation, it has provided creative finance solutions to 180 projects worth $15bn, and in geographies as diverse as Madagascar to Malaysia and the US to Uganda.
What is the goal of REPP?
REPP was developed by the European Investment Bank (EIB) and UN Environment (formerly, the United Nations Environment Programme) to deliver the UN’s Sustainable Energy for All (SEforALL) objectives in sub-Saharan Africa. Its operations are based on the core principles of:
- supporting sound projects;
- overcoming barriers and market failures relating to perceived and actual risks in new markets for renewable energy;
- ensuring high value for money for donors;
- using donor funds to leverage private sector investment;
- driving down project development costs by standardising and aligning due diligence procedures among REPP partners; and
- using existing instruments and lending platforms wherever possible.
REPP has a mandate to achieve the following targets by 2023:
- 123MW of new renewable energy capacity installed;
- 540,000 tonnes of CO2-equivalent greenhouse gas emissions abated or avoided; and
- 357,000 people provided with first-time access to clean energy.