Trade Commission introduces private sector funding opportunity for the Blue Pacific
Pacific Trade Invest New Zealand (PTI NZ) has joined forces with world leading renewable energy and impact fund manager Camco Clean Energy (Camco) to deliver their second renewable energy webinar on Tuesday 30 November (11am – 2pm NZST).
This webinar explores one of the fundamental barriers to financing for renewable energy projects in the Pacific- the issue of project bankability.
The needs and opportunities within the Blue Pacific were identified through collaboration between PTI NZ, Camco and regional governments and organisations. In response, Camco developed TIDES (Transforming Island Development through Electrification and Sustainability), a new blended finance vehicle for renewable energy in the Pacific.
The PTI NZ webinar being held next Tuesday will introduce the TIDES blending finance platform for the Blue Pacific, discuss the fundamentals of bankability for renewable energy projects and deliver an overview of strategies for developers to make their projects more bankable. It will also describe key components of TIDES including capacity building and technical assistance which are aimed at supporting developers.
PTI NZ Trade Commissioner Glynis Miller said it was a rarity for investment fund managers to have a fund specifically designed for the Blue Pacific.
“PTI NZ, an agency of the Pacific Islands Forum Secretariat, has specifically chosen to work with Camco- they are a notable world leader working with regions that have projects requiring significant investment,” said Miller.
Miller went on to add, “Pacific Island Countries (PICs) face multiple challenges in the energy sector central to which is a heavy reliance on expensive imported diesel, growing commercial and industrial demand which tend to outpace grid capacity rural off grid communities in remote outer islands. In addition, for PICs to meet their climate targets around US $5.2B of investment is needed by 2030. PIC country governments do not have the financial capacity to achieve this alone. Therefore, it is important to bring new financing solutions to the table to attract private capital for renewable energy projects and complement grant funding in the region.”
Camco Managing Director Geoff Sinclair advised that the TIDES programme will partner with local developers to offer nimble, flexible financing solutions for renewable energy projects of all sizes.
“We are pleased that PTI NZ brought to our attention the huge opportunities that can be found within the Blue Pacific. Through this beneficial relationship came the creation of TIDES. As the newest private sector financing facility, designed for the Pacific, TIDES aims to help reduce the region’s reliance on expensive imported fossil fuels for energy. Camco contends that this gap is not caused by an inherent bias against the Pacific on the part of investors, but rather a lack of bankable projects which meet the financing and regulatory standards required by foreign investors.
Renewable Energy Webinar – ‘Building capacity for renewable energy developers to enter the Blue Pacific’
Tuesday 30 November 2021
11am – 2pm NZST