Vaini Solar Farm, Tongatapu, Tonga (image supplied by SPC)
Auckland, 22 February 2023: Climate and impact fund manager Camco has signed a Memorandum of Understanding (MoU) with intergovernmental organisation the Pacific Community (SPC) to promote renewable energy and energy efficiency solutions for the sustainable development of the Pacific.
Today’s agreement comes as many Pacific Island Nations work to achieve ambitious renewable energy targets and end their heavy reliance on imported diesel for energy production, which has resulted in some islands having among the highest costs of electricity in the world.
Renewable energy and energy efficiency are critical to achieving these goals, but most developers in the region are currently unable to bring projects to financial close without technical assistance, development capital assistance, or both.
To address this, the Pacific Energy Officials Meeting in 2022 directed Camco and SPC to catalyse private sector participation in renewables investment in the Pacific, which has led to today’s MoU.
Camco is currently developing the USD100 million blended finance platform Transforming Island Development through Electrification and Sustainability (TIDES) to provide flexible financing to local developers with the goal of catalysing investment in the Pacific region’s renewable energy sector at scale.
On its part, SPC supports sustainable development by applying a people-centred approach to science, research and technology across all of the Sustainable Development Goals (SDGs), which is underpinned by the organisation’s deep understanding of Blue Pacific contexts and cultures.
Under the MoU, both parties will capitalise on one another’s strengths and experiences to ensure Camco’s blended facility TIDES reflects regional needs and together coordinate the delivery of regional market capacity building activities. The overarching aim is to improve developers’ access to finance and capacity to help build a viable renewable market and thereby catalyse private investment at scale.
As a first step, Camco and SPC will create a joint report on the use of results-based finance for submission and ratification at the 5th Pacific Regional Energy and Transport Ministers Meeting in Vanuatu in May.
Geoff Sinclair, Managing Director at Camco, said: “The Pacific Community is unmatched in terms of its on-the-ground presence, experience and expertise in delivering scientific and technical solutions to advancing sustainable development in the Pacific and we are extremely excited to be partnering with them to scale up climate action across the region.”
Solomone Fifita, Manager of SPC’s Pacific Centre for Renewable Energy and Energy Efficiency (PCREEE), said: “The PCREEE is very fortunate to partner with Camco and to make use of its years of experiences in Sub-Saharan Africa and the Caribbean. This partnership supports the PCREEE’s efforts to promote renewable energy and energy efficiency investments, markets and industries in the Pacific.”
In January, Camco announced it had signed an MoU with consultancy firm ITP Renewables. Under that agreement, ITP Renewables will support Camco in the implementation of TIDES by providing its world class renewable energy consulting services to the platform’s development partners, projects and investees at competitive rates.
Notes to editors
For all media enquiries and interview requests, please contact Hugh Bowring at email@example.com / +44 2045 517056.
Camco is a specialist climate and impact fund manager, leading the transition in emerging markets. We offer clean, secure investments, pairing the conscience of a development bank with the agility of a private company. Camco is an Accredited Entity of the Green Climate Fund and is authorised and regulated by the UK Financial Conduct Authority. The company has offices in Accra, Auckland, Helsinki, Johannesburg, London, Nairobi, Singapore, Sydney and Toronto.
TIDES (Transforming Island Development through Electrification and Sustainability) is being developed by Camco to provide flexible financing to local renewable energy developers. Its goal is to catalyse private sector investment in zero-emissions projects across the full range of sizes, from mini-grids to large grid-connected systems.
The PCREEE is a regional vehicle to accelerate the uptake of renewable energy and energy efficient technologies in the Pacific Islands and is co-hosted by the Pacific Community (SPC) and the Tonga Government at Nuku’alofa, Tonga. It is a collaboration between SPC, UNIDO, SIDS Dock, the Government of Tonga and the Government of Austria and Norway.
About Pacific Community
The Pacific Community supports sustainable development by applying a people-centred approach to science, research and technology across all of the Sustainable Development Goals (SDGs). We serve our members by interweaving and harnessing the nexus of climate, ocean, land, culture, rights and good governance; through trusted partnerships; investing in Pacific people; and understanding Pacific contexts.