Release date: 25 July 2023
Promoter – Financial Intermediary
CAMCO CLEAN ENERGY LTDLocation
Description
The project borrower will be Spark Energy Services, an investment platform/financing vehicle designed, seeded and managed by Camco Clean Energy, a fund manager investing into captive solar/energy efficiency companies to implement small-scale commercial & industrial (C&I) projects in Sub-Saharan Africa. The project will finance the borrower's planned expenditures for the construction and expansion of C&I energy projects using captive solar and energy efficiency technologies aiming at the electrification of social infrastructure.
Objectives
The aim is to support the clean energy sector to complement or replace unreliable/unavailable traditional electricity supply. The related investments will make a significant and sustainable impact on households, businesses and other facilities with current limited access to reliable electricity supply and therefore relying on expensive and polluting back-up alternatives.
Sector(s)
- Energy - Electricity, gas, steam and air conditioning supply
Proposed EIB finance (Approximate amount)
USD 10 million (EUR 9 million)
Total cost (Approximate amount)
USD 50 million (EUR 44 million)
Environmental aspects
Details of the platform 's environmental and social due diligence procedures for ensuring compliance with national legislation, the principles and standards of relevant EU legislation and EIB Environmental and Social Standards as well as the capacity of the platform to assess and monitor environmental and social risks and impacts, will be reviewed during appraisal. The platform will be required to develop an environmental & social policy and establish the appropriate management systems to comply with the EIB's environmental and social requirements. The assessment of the environmental and social impacts and risks will be part of the standard due diligence process that the Platform will have to carry out for each underlying investment, thereby ensuring that the portfolio and these investments are in compliance with national law and in line with the principles and standards of relevant EU environmental legislation as well as the EIB's Environmental and Social Standards.
Procurement
The EIB will require the Fund Manager to take all requisite measures to ensure that contracts for implementation of the projects financed by the borrower will be tendered in line with the EIB's Guide to Procurement.
Status
Approved - 18/07/2023
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).