| Finance


Supporting local private developers and helping them to become financial sustainable, thereby making the local renewable energy sector (as well as local economies more broadly) more resilient to macroeconomic shocks; and Supporting technological innovations that build the capacity of households and communities to anticipate and respond to climate impacts, including innovations for the delivery of climate services (e.g., access to mobile phones and internet improves access to meteorological and agrometeorological reports and early warning systems), market information, and other information on climate change, its impacts and the solutions; as well as technological innovations for productive use applications.


The fund aims to invest $70 million in projects aligned with the 2X gender lens investing criteria. How will REPP 2 promote gender equality and empower women in the renewable energy sector in Sub-Saharan Africa? All funding activities will be considered from a gender lens, with the view to target 30% of REPP 2 funding to female-owned and led companies, as well as companies that provide solutions to women as energy end users in line with the 2X GLI criteria. This will help to promote women’s empowerment and female ownership in REPP 2 investments leading to gender equity. In particular, REPP 2 will provide hybrid equity or loans to fund the scaling up of solar home system (SHS) and mini-grids businesses with a gender lens. This growth-stage capital, in the form of loans, will help to ensure that SHS business achieve scale and long-term commercial viability and will increase the renewable energy capacity and generation. REPP 2 will integrate a gender equity perspective


into the design, implementation, monitoring and assessment of all renewable energy activities financed by REPP 2. This will involve: Analysing gender equity in the investee company, country of operation, and targeted sector; Establishing an investee-specific gender action plan by identifying gender performance indicators and gender-disaggregated targets against an established baseline; and Integrating the items listed in the two bullet points above into a monitoring plan.


Could you explain the role of blended finance in attracting private sector investments for clean energy transition and green growth in Africa? What incentives are in place for private investors in REPP 2? The junior equity tranche of the blended finance structure, which will act as a first loss buffer, is designed to deliver incrementally greater impact and further mobilisation of third-party funds (both public and private) from more risk-averse investors.


Given the significance of the $50 million investment from the Green Climate Fund, how will the funds be allocated and utilized within REPP 2? REPP 2 will: Provide early-stage growth funding for off-grid companies Provide development-stage funding for grid- connected projects Finance expansion of SHS businesses Finance construction of mini-grid and isolated grid portfolios Provide funding for construction of grid-connected projects


What is the expected timeline for the implementation of projects under REPP 2? The fund will be launched in H1 2024, followed by a deployment and implementation period of five years.


Are there any specific partnerships or collaborations with local governments, organizations, or hydropower industry stakeholders that are crucial to the success of REPP 2? The Camco team has had extensive engagement with key governmental and non-governmental stakeholders in the design phase of REPP 2 and will continue to do so during the investment period. Once the programme is operational, REPP 2 will


promote its activities internationally and in host countries through industry associations and its on-the-ground network and partners to ensure local companies in those markets are aware of - and have the opportunity to benefit from - the REPP 2 offering.


www.waterpowermagazine.com | December 2023 | 27


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