Camco is pleased to announce the release of its 2023 annual report, showcasing the achievements of Camco-managed platforms and funds and our reinforced commitment to sustainable development.
The report details Camco’s efforts in driving transformational change in the world’s emerging markets as a climate and impact fund manager.
Key 2023 achievements
Green Climate Fund commitment: Secured a USD 50m junior equity allocation for REPP 2, Camco’s USD 250m private debt fund aimed at renewable energy investments in Africa.
Norad funding: Obtained USD 5m from Norad for a technical assistance facility to support REPP 2, designed to overcome barriers to renewable energy investments in Africa.
Spark Energy Services: Successfully closed the initial equity round, securing nearly USD 25m in commitments to support renewables and energy efficiency in Africa’s commercial and industrial sector.
Strategic partnerships: Partnered with the Pacific Community to enhance sustainable development in the Pacific region.
Industry recognition: Featured in the ImpactAssets 50™ database for the third consecutive year.
Policy influence: Camco CEO Geoff Sinclair invited to advise on UK parliamentary policy for UK-African partnerships in energy transitions.
Impact and progress
Camco’s cumulative impact to 31 December 2023 includes:
309MW of renewable energy capacity funded
1.6 million people provided with new or improved electricity connections
11,900 jobs created, including 2,500 for women
152,000 tCO₂e mitigated through Camco-managed REPP and Spark
Looking ahead
The financial sector faced significant turbulence in 2023 due to rising interest rates and inflation, which hindered economic growth and impacted funding affordability. This, combined with ongoing violent conflicts, biodiversity loss and climate change, posed serious challenges to global peace and prosperity. Despite these challenges, Camco remains optimistic about the future. The report concludes, “Realising those opportunities will not be without hard work and commitment, but we are confident that we have the right team, investment approach and expertise to make it a reality.”
(To download a PDF version of the report, click here.)
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