A blended finance fund created by Camco to catalyse clean energy development in the Pacific has secured a combined funding commitment of GBP 23.9m from the UK and New Zealand governments.
With Pacific Island Countries grappling with the worsening effects of climate change, TIDES (Transforming Island Development through Electrification and Sustainability) is designed to deliver deep impact by strengthening the region’s renewable energy and energy efficiency sectors. It will also increase energy access and reduce communities’ reliance on expensive and polluting imported diesel.
Expected to reach financial close in mid-2025, the innovative fund is the first of its kind for the region, blending donor funding with private sector capital. It will provide flexible financing to local renewable energy developers behind zero-emissions projects across the full range of sizes, from mini-grids to large grid-connected systems.
TIDES will be supported by three market development facilities, jointly enabling capital mobilisation and a rapid scale up of renewable energy development in the region.
The announcement comes after the UK’s Foreign Secretary David Lammy met with his New Zealand counterpart Winston Peters on Friday to discuss a wide range of shared priorities between the countries, ranging from trade and economic growth to security challenges and climate action.
Comments