The fund will help release US$100m for renewable energy developments
UK impact fund manager Camco has established a novel blended finance fund, the Transforming Island Development through Electrification and Sustainability (TIDES) fund, with help from MinterEllisonRuddWatts.
The firm described the fund as a “first of its kind”. It is intended to help free up US$100m in public and private sector finance for renewable energy developments in the Pacific Islands.
The New Zealand and UK governments have contributed to the fund through first loss equity. TIDES offers local renewable energy developers tackling zero-emissions projects flexible financing; the projects can range from mini-grids to large grid-connected systems.
MinterEllisonRuddWatts lead partner Lloyd Kavanagh describes the TIDES fund as “a pioneering initiative that blends public and private capital to drive renewable energy development in the Pacific”. The fund, he said, “represents a significant step forward in sustainable finance”.
Kavanagh spearheaded the team that assisted on all legal aspects of the fund formation, including deal structuring, limited partnership agreement negotiation, funding agreements and regulatory advice. He was joined by senior associate Ken Ng, Hannah Cross, Olivia Maher, Andrew Ryan and Steven Liu.
Kavanagh and Ng were present at the TIDES signing ceremony, held at the British High Commission in Wellington. Other attendees included climate change minister Simon Watts, British High Commissioner HE Ms Iona Thomas OBE and Camco Management Limited managing director Geoff Sinclair.
