With the Renewable Energy Performance Platform (REPP) reaching the end of its investment period on December 31, 2023, this is a timely moment to reflect on the transformative journey that the platform and its partners have undertaken since its inception in 2015. This milestone not only marks the end of a significant chapter for UK government-funded REPP and Camco as its manager, but also the beginning of a new one focused on portfolio management and strategic exits.

The past year has presented notable challenges, particularly as reduced global demand for exports from Sub-Saharan Africa and larger-than-normal currency fluctuations impacted investee companies in Sub-Saharan Africa. Currencies like the naira and Kenyan shilling faced significant pressures, adding financial strain to businesses that rely on both local currency income and foreign currency debt. Despite these difficulties, we celebrate substantial achievements that highlight the resilience and commitment of REPP and its partners.

REPP-financed projects have connected 1.39 million people and 4,800 businesses to electricity for the first time. This not only improved energy access but also fostered vital economic opportunities and enhanced climate resilience within the communities served. To date, investments have led to the installation of 33MW of renewable energy capacity, with a further 275MW in development, and the avoidance of over 150,000 tonnes of greenhouse gas emissions. Furthermore, REPP’s financing has supported gender equality, with USD 27m of investments aligned with the 2X Challenge’s gender lens investing criteria, positively impacting female-led enterprises and fostering inclusive growth.

In 2023, REPP successfully exited its investment in upOwa, a solar home system provider in Cameroon, to Électricité de France (EDF), and formalised the takeover of PAS Nigeria by SIMA Funds. REPP also co-hosted important discussions during the year as part of its ongoing commitment to capacity building. These included the Public-Private Minigrid Talks in Zambia and the Minigrid CEO Roundtable in Kenya, both of which facilitated dialogue among developers, government stakeholders and private sector representatives, helping to identify pathways for investment mobilisation in the evolving regulatory landscape.

As REPP transitions into this new phase following the end of the investment period, there is excitement about the future. Building on the lessons learned from REPP’s journey, Camco is launching REPP 2, a private debt fund aimed at attracting commercial investment into Africa’s renewable energy sector. This initiative is designed to leverage the experience gained and ensure that the progress made continues to flourish, targeting projects with the highest growth and impact potential. Find out more about REPP 2 here.

As REPP’s manager, Camco is immensely grateful for the unwavering support of REPP’s sole funder, the UK government, and its other partners and stakeholders and the crucial role they have played in the platform’s achievements. Together, we are committed to navigating the challenges ahead and driving sustainable energy solutions across the region.

To our readers, thank you for your continued support. We invite you to explore this report and discover the many accomplishments of our investees over the past year.