The Green Climate Fund has granted approval for a $50 million investment in Camco’s innovative blended finance fund aimed at Africa.

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Camco, a climate and impact fund manager, is in the process of establishing REPP 2, a $250 million fund with the goal of delivering substantial climate, economic, and gender-related impacts while ensuring sustainable returns for investors.

Recent research reveals that around 590 million people in Sub-Saharan Africa lack access to electricity. The International Energy Agency estimates that $22 billion annually is required to provide reliable energy access throughout the continent by 2030 to meet SDG7. Additionally, Africa is grappling with an increasing number of climate-related challenges, and countries are in need of an estimated $2.8 trillion by 2030 to fulfill their Nationally Determined Contributions under the Paris Agreement.

REPP 2 has been designed as an innovative blended finance facility that leverages public, private, and commercial funding to invest in small-scale and decentralized renewable energy projects in Sub-Saharan African nations.

Through its private sector approach and a strong focus on supporting vulnerable communities affected by climate change, it is anticipated that over the lifespan of REPP 2, the fund will:

  • Make 35-40 investments that promote the development of decentralized renewable energy and enhance the resilience of national grid infrastructure, thereby fostering economic growth in Sub-Saharan Africa, particularly in Least Developed Countries.
  • Provide new or improved access to clean, reliable, and affordable power to 7.7 million people across Africa, thereby increasing economic opportunities and access to productive energy use.
  • Reduce greenhouse gas emissions by 12.7 million tonnes of carbon dioxide equivalent over the lifetime of the projects.
  • Invest $70 million in projects aligned with the gender lens investing criteria of the 2X initiative.
  • Mobilize $786 million in third-party funding for green growth in target countries.

The blended finance structure of REPP 2 represents an evolution from the $120 million REPP facility, which was fully funded by the UK’s Foreign, Commonwealth and Development Office (FCDO).

This announcement follows the signing of an indicative term sheet by the REPP Board for a junior equity investment of up to $50 million from REPP into REPP The combined junior equity investments of up to $100 million from the Green Climate Fund and REPP are designed to safeguard capital and generate an appropriate level of returns for REPP 2’s commercial investors.


Ben Hugues, Investment Director at Camco, stated, “REPP 2 builds on the successes and lessons from REPP to provide a new fund that will offer significant commercial investment into Africa’s renewable energy sector, underpinning the continent’s green growth potential.” He added that drawing from Camco’s 30-year track record in renewable energy investing, REPP 2 is expected to deliver sustainable financial returns and numerous developmental, social, and environmental benefits. He also expressed enthusiasm about the prospect of collaborating with the Green Climate Fund on this new venture. more info at: Green climate fund.