MinterEllisonRuddWatts is proud to have assisted Camco, a leading UK-based impact fund manager, with the establishment of an innovative blended finance fund called TIDES (Transforming Island Development through Electrification and Sustainability). 

TIDES is an innovative fund aiming to help unlock USD100 million of public and private sector finance to support renewable energy developments in the Pacific Islands. The fund has received contributions from the New Zealand and UK governments in the form of first loss equity.

This first-of-its-kind fund for the region is designed to deliver deep impact by strengthening the renewable energy and energy efficiency sectors. It will provide flexible financing to local renewable energy developers behind zero-emissions projects across a full range of sizes, from mini-grids to large grid-connected systems.

Partner Lloyd Kavanagh and Senior Associate Ken Ng attended the signing ceremony of TIDES at the British High Commission in Wellington yesterday, alongside Minister for Climate Change, the Honourable Simon Watts, British High Commissioner HE Ms Iona Thomas OBE, and the Managing Director of Camco Management Limited, Geoff Sinclair.

Lloyd Kavanagh commented: “We are delighted to support Camco in launching the TIDES fund, a pioneering initiative that blends public and private capital to drive renewable energy development in the Pacific. This fund represents a significant step forward in sustainable finance, and we’re proud to have played a role in enabling its innovative structure and impactful mission.”

MinterEllisonRuddWatts advised Camco on all legal aspects of the fund formation, including deal structuring, negotiation of the limited partnership agreement, funding agreements, and regulatory advice.

Led by Lloyd Kavanagh, the firm’s deal team comprised Ken Ng, Hannah Cross, Olivia Maher, Andrew Ryan and Steven Liu.