Camco Clean Energy plc, the clean energy and energy storage company, is pleased to announce that it has been jointly selected alongside EISER Infrastructure Partners LLP (“EISER”) by Green Africa Power LLP (“GAP”) as Investment Advisors for an African renewables investment fund.
This is a considerable achievement for Camco having been awarded the mandate following a highly competitive process and validates Camco’s extensive experience in the African renewables sector.
GAP, an initiative of the Private Infrastructure Development Group Trust (“PIDG”), will offer long term loans and contingent lines of credit to privately-owned renewable power generation projects in the most under-developed countries in Africa. GAP will invest alongside commercial lenders and equity investors in transformational renewable energy projects in order to stimulate private investment in developing African countries. GAP will aim to influence the overall policy environment for financing of renewable energy projects in each country in which it operates. EISER and Camco will work as a joint team to identify, execute and manage projects eligible for funding by GAP. They will also work with GAP to ensure that the expected developmental and climate change objectives set forth by the funders are realised.
Power generation is a cornerstone for economic development in Africa and essential to lift people out of poverty. Helping achieve this in a sustainable way that does not cause large increases in carbon emissions is the key task for GAP. According to recent World Bank reports, only 24% of the population of Sub-Saharan Africa has access to electricity and some 25 of the 54 nations in Africa are in “energy crisis”.
This role is expected to generate base fees for Camco of approximately €2.5m over the duration of the contract with additional fees payable to Camco on an incentive basis.
