Camco Clean Energy plc 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.
The selection as Investment Advisors follows a tender process as set out in Official Journal of the European Union (II.2.1)
Scott McGregor, CEO of Camco said
"The Camco team is honoured to support such a strategic initiative focused on unlocking the development of renewable energy projects across Africa. We are most excited to start delivering the GAP mandate by combining EISER's specialist infrastructure investment experience with Camco's 25 years of developing and investing in renewable energy projects in Africa.
Following the turnaround of the business in 2013, we are making exciting progress in many areas and are confident in the outlook for Camco."
Further details on GAP can be found here
For more information contact us
Camco Clean Energy plc +44 (0) 207121 6100
Scott McGregor, Chief Executive Officer
Jonathan Marren, Chief Financial Officer
N+1 Singer (Nominated Adviser and Broker) +44 (0) 207 496 3000
Caroline Forde, Josh Royston, Hilary Millar +44 (0) 207 653 9850