London, 2 July 2014
Green Africa Power LLP (GAP) is pleased to announce that it has signed a 5 year contract with EISER Infrastructure Partners LLP (EISER), in collaboration with Camco Clean Energy plc (Camco), for the provision of fund management advice and related services.
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’.
Jim Cohen, Chairman of GAP, said ‘we are confident that in EISER we have found a strong partner to help us deliver our mandate. The infrastructure investment expertise of EISER, complemented by the African and renewable energy experience of Camco provides us with the ideal balance of skills for our future needs. We look forward to the coming years as we convert the last 12 months of planning into a reality. There is certainly a great need as shown by the World Bank reports.’
Vivian Nicoli, Partner of EISER said, ‘We are pleased to be supporting GAP in this important initiative which will help bring affordable renewable energy to countries across Africa where it is most needed. Access to renewable and sustainable sources of energy is vital to economic development of Africa and we are proud to be taking a leading role in facilitating development in the region.’
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.’
GAP expects to start deploying funds to projects in Q4 2014 and plans to commit all funds currently raised within the next three years.