Revego Africa Energy Fund has raised R1 billion (approximately $62 million) in fresh capital to deepen its renewable energy investments in South Africa. The funding will finalise the fund’s stake in the 150MW Springbok Solar Plant in the Free State and support the development of five additional wind power projects nationwide.
Chief Investment Officer Ziyaad Sarang noted that the new capital commitment could unlock a further R250 million (about $15.5 million) from British International Investment (BII), contingent on a matching commitment from another institutional investor. He stated that the additional funding strengthens the fund’s capacity to scale its investment footprint while attracting broader institutional participation.
Sarang also highlighted that the fund has distributed R600 million (around $37.3 million) in dividends over the past four years, reinforcing investor confidence. Founding investors include Investec Bank Ltd., Eskom Pension and Provident Fund, and UK Climate Investments LLP — a joint venture between the UK government and Macquarie Asset Management Ltd.
Since its launch in August 2021, Revego has invested in ten operational renewable energy assets across South Africa. These include equity stakes in the Loeriesfontein II, Khobab and Noupoort wind farms in the Northern Cape, all operating under long-term power purchase agreements with Eskom. The fund also holds interests in the Aries, Konkoonsies and Soutpan solar parks, developed under South Africa’s Renewable Energy Independent Power Producers Procurement Programme (REIPPPP).
Currently, all of Revego’s assets are located within South Africa, reflecting the maturity and depth of the country’s renewable energy market. However, the fund plans to diversify geographically by adding at least one project outside South Africa within the next two years.
Looking ahead, Sarang aims to expand the fund’s portfolio to R6 billion over the next two years and further to R10 billion (approximately $620 million) by 2029. He indicated that a potential listing could be considered once assets under management reach between $750 million and $1 billion. For now, the fund’s open-ended structure provides flexibility to continue raising capital for new projects.
Revego maintains a development pipeline of about R10 billion ($620 million) in operational green energy projects within South Africa, alongside plans for an additional $100 million in investments elsewhere on the continent. Nevertheless, the firm remains primarily focused on South Africa due to its robust project pipeline and established renewable energy framework.
The fund concentrates on operational wind and solar assets that generate stable, predictable cash flows and has consistently delivered target returns of inflation plus 5% to 7% since inception, positioning it as a steady institutional investment vehicle in the region’s renewable energy sector.