Camco, a prominent climate and impact fund manager, has successfully raised $185 million in commitments for its Renewable Energy Performance Platform 2 (REPP 2), a blended finance fund focused on transforming Africa’s renewable energy landscape. This first close includes $107 million in firm commitments and an additional $78 million pending specific conditions.
Backed by key development finance institutions and private investors — including the Green Climate Fund (GCF), Norfund, FMO, BIO, Ceniarth, and the original REPP funded by UK International Development — REPP 2 is set to address critical gaps in financing for small-scale renewable energy projects across Sub-Saharan Africa. The initiative underscores Camco’s broader mission to catalyze a net-zero future in emerging markets.
REPP 2 aims to tackle pressing challenges in Africa’s renewable energy market, where access to clean and reliable electricity remains elusive for millions. The fund will deploy capital to projects that align with the vision of a decentralized, renewable, and resilient energy grid. By focusing on distributed and small-scale solutions, REPP 2 seeks to bridge the estimated $22 billion annual funding shortfall required to meet the United Nations Sustainable Development Goal 7 (SDG7) of universal energy access.
According to Camco’s REPP 2 Director, Ben Hugues, the initiative represents a transformative step forward:
“Africa’s energy transition is happening. It is critical to invest in the businesses building the African energy grid of the future, which is decentralized, renewable, and reliable. This requires significant and urgent scaling up of finance to enable innovative companies to generate both attractive returns and significant climate impact.”
Over its lifetime, REPP 2 is projected to add 330 MW of new renewable energy capacity, mitigate 12.7 million metric tons of CO2 equivalent emissions, and provide clean energy access to over 7.7 million people. Additionally, the fund is expected to enhance the climate resilience of approximately one million individuals.
Blended Finance
REPP 2’s blended finance structure is designed to attract both public and private investors by balancing risks and returns. Anchored by significant contributions from development finance institutions, the fund will also receive technical assistance support from Norad to address non-financial barriers that impede renewable energy deployment.
Diane Isenberg, Managing Director of impact investor Ceniarth, highlighted the importance of such collaborative models:
“Ceniarth has seen firsthand the opportunities and challenges in bringing reliable electrification to underserved communities in Africa. Camco ’s expertise and innovative approach to scaling renewable energy solutions make this fund a significant milestone in energy access financing.”
Similarly, Tellef Thorleifsson, CEO of Norfund, emphasized the critical role of decentralized energy systems:
“Norfund firmly believes that small-scale renewable energy will play a central role in delivering the energy access needed for African countries to grow sustainably. REPP 2 is instrumental in unlocking financing for projects that would otherwise struggle to attract capital.”
The success of REPP 2 builds on the achievements of its predecessor, which mobilized private sector investment for renewable energy projects across Sub-Saharan Africa. Camco, headquartered in the UK with offices in Nairobi, Johannesburg, Helsinki, and Auckland, brings over three decades of experience in climate finance. As an accredited entity of the Green Climate Fund, the firm is uniquely positioned to channel resources toward high-impact solutions in regions most vulnerable to climate change.
Kavita Sinha, Director of GCF’s Private Sector Facility, remarked:
“By catalyzing innovative business models and capital for clean energy solutions in a region most vulnerable to climate change, REPP 2 advances sustainable development while contributing to global efforts to combat climate change.”
Despite the growing interest in renewable energy solutions, financing remains a key barrier for many African energy projects, particularly in underserved and rural areas. Camco’s commitment to high environmental, social, and governance (ESG) standards is central to addressing this challenge, ensuring that investments deliver lasting social and economic benefits.
With the first close of Camco ‘s Renewable Energy Performance Platform 2 (REPP 2) complete, the fund marks a significant step in mobilizing resources for Africa’s energy transition. As global attention increasingly focuses on climate resilience and equitable development, initiatives like REPP 2 highlight the pivotal role of innovative financing mechanisms in addressing the energy needs of the future.