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The International Finance Corporation (IFC) has disclosed a proposed investment of up to $40 million in the Camco Renewable Energy Performance Platform 2 (REPP 2), a private debt fund focused on renewable energy projects in sub-Saharan Africa.
The fund is managed by Camco, a UK-based climate and impact fund manager.
The fund provides financing for off-grid solar, mini- and metro-grids, isolated grids, commercial and industrial projects, and small renewable energy independent power producers. It targets projects in the late-stage development or construction phases, as well as corporate financing, with investment sizes ranging from $2 million to $15 million.
REPP 2 is structured with three capital tranches – junior equity, senior equity and senior debt. IFC’s proposed investment would be made through the senior debt tranche.
Projects financed by REPP 2 are expected to be located across East, West and Southern Africa, with no more than 60% of the portfolio allocated to any one of these regions. IFC’s financing would be restricted to eligible countries under the transaction’s legal documentation.
Camco Clean Energy Limited is principally owned by Geoffrey David Sinclair, Benjamin Hugues and Scott James McGregor, who collectively hold the majority of its voting rights and equity interests.
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