Page 31 - Energize October 2022

NEWS

Energy fund acquires 52 MW in solar assets

evego Africa Energy Limited in aggregate, which is sufficient to power 23 000 homes and avoids over 29 000 of CO 2
(Revego), Africa’s first YieldCo emissions annually. Local communities in the vicinity of each solar plant also benefit from
Rfocused on operating renewable enterprise and socio-economic development contributions supporting various school,
energy projects in sub-Saharan Africa, agricultural and skills programs as well as direct community trust ownership.
through its investment in the Revego Revego’s portfolio now consists of four solar assets and three wind assets, all of which
Africa Energy Fund, has acquired equity have 20-year purchase power agreements.
interests in a portfolio of three solar PV Ziyaad Sarang, the chief investment officer of Revego Fund Managers, the
assets. investment manager to Revego says: “Revego’s long term ambition is to be one of the
The acquisitions include the Aries leading renewable energy investment companies, underpinned by investments in a
Solar Park and Konkoonsies Solar Park, geographically diverse portfolio of assets that reduce carbon emissions and increase
both located in the Northern Cape resilience to climate change. With the focus on a just energy transition, we are pleased
as well as Soutpan Solar Park located to be investing in projects that not only provide affordable and clean energy (SDG 7), but
in Limpopo. The acquisitions fit with also those that support the communities and economies in remote parts of the country
Revego’s strategy of investing in a (SDG 8 – decent work and economic growth) and that help build the critical infrastructure
diversified portfolio of renewable energy of the future (SDG 9 – industry, innovation and infrastructure).”
assets in sub-Saharan Africa, that have The acquisition is planned to be part-funded through a follow-on commitment from
a track record of generating stable cash UK Climate Investments LLP (UKCI) into Revego of £15-million, a further endorsement
flows, and that deliver an above-inflation of Revego. UKCI is a UK Government International Climate Finance vehicle that targets
dividend yield over an extended period. transformational green energy investments in some of the world’s most carbon intensive
Built as part of Bid Window 1 of the emerging economies.
Renewable Energy Independent Power
Producers Procurement Programme About Revego Africa Energy Limited (Revego)
(REIPPPP), Aries and Konkoonsies Revego is a yield-focused investment vehicle that participates as an equity investor in,
(completed in March 2014) each predominately, operational renewable energy assets in sub-Saharan Africa with a track
have capacity of 11 MW and Soutpan record of generating stable cash flows. Revego’s objective is to provide shareholders with
(completed July 2014) has a capacity of long-term stable returns derived from a steady stream of distributions from its portfolio.
30 MW. Globeleq, a leading developer, Revego remains well-placed to make acquisitions and contribute to the development of
owner and operator of independent much needed investment into South African and sub-Saharan African electricity capacity
power projects in Africa is the majority requirements. Revego Fund Managers (Pty) Ltd. is an authorised Financial Services
shareholder in all three assets. Provider (FSP number 47561).
The solar plants assist in South
Africa’s clean energy transition and Contact Revego Africa Energy, Phone 011 286-7000, investorrelations@revego.co.za,
generate 105 000 MWh of electricity https://revegoenergy.com

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