According to bank provided information, the proposed investment consists of senior debt financing of up to US$40million to Camco REPP 2 SCSp (“REPP 2” or the “Fund”), a dedicated sub-Saharan African (“SSA”) private debt fund domiciled in Luxembourg as an Article 9 aligned fund under the EU's Sustainable Finance Disclosure Regulation and established in 2024 through a master-feeder structure. The Fund supports projects related to off-grid solar, mini/metro grids, isolated grids, commercial and industrial (“C&I”) projects and small renewable energy independent power producers (“IPPs”). This project contributes to the M300 initiative, an effort dedicated to delivering electricity to 300 million individuals in Africa by 2030 through scalable and clean energy technologies.

REPP 2 is a debt fund that targets late-stage development or construction phase projects as well as corporate financing with ticket sizes ranging from US$2 – 15 million. The vehicle is structured as a structured debt fund with three capital tranches (junior equity, senior equity and senior debt). IFC’s investment will be protected by robust credit enhancements, including: a minimum mandatory structural subordination at the senior debt level of at least 50% provided by junior and equity tranches and an up to US$35 million portfolio guarantee provided by Nordic Governments covering up to 35% of the losses on a loan-by-loan basis. IFC will participate in the senior debt tranche with the loan structured in two repayment mechanisms: (i) a fixed repayment portion (at least 50%), amortized over five years following a five-year grace period (i.e., 10 years door-to-door from each drawdown); and (ii) a cash sweep portion (not more than 50%), repaid annually through a cash sweep mechanism.

The proposed investment consists of IFC participating in the senior debt portion of the fund with a ticket of up to US$40million.       

Camco Clean Energy Limited United Kingdom is principally owned by three main shareholders and ultimate beneficial owners (UBOs) namely Geoffrey David Sinclair, Benjamin Hugues, and Scott James McGregor who collectively hold the majority of the voting rights and equity interests. The remaining shares are held by other minority investors. The group’s subsidiaries and associated entities include Camco REPP 2 Carry SCSp and Camco REPP2 GP S.a.r.l in Luxembourg, Camco Nordic Oy in Finland, Camco Management Limited (also the investment advisor and fund manager for REPP 2) and Camco Europe Limited in the United Kingdom, as well as Camco Tides Cornerstone Limited and Camco Tides GP Limited in New Zealand. These subsidiaries are ultimately owned and controlled by Camco Clean Energy Limited United Kingdom, which holds 100% of the voting rights and equity shares in each entity, except for Camco Europe Limited, in which it holds 94.66%.

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