Revego Africa Energy Limited, Africa’s pioneer YieldCo focusing on renewable energy projects in sub-Saharan Africa, has bolstered its portfolio by acquiring equity interests in three Solar PV assets. They include the Aries Solar Park, Konkoonsies Solar Park in Northern Cape, and the Soutpan Solar Park in Limpopo. The three are all developed under Bid Window 1 of South Africa’s Renewable Energy Independent Power Producers Procurement Programme (REIPPPP).
These assets will boost South Africa’s clean energy transition by generating 105,000 MWh annually. This capacity is sufficient to power 23,000 homes and avoids over 29,000 tons of CO2 emissions yearly.
Moreover, the Revego Fund managers are seeking to raise about 3 billion rand ($165 million) to invest in projects. According to Chief Investment Officer Ziyaad Sarang, they aim to add it to the 2 billion-rand Revego Africa Energy Fund (Yieldco dividend flows).
The company currently handles $500 million worth of assets under management and is looking at adding a pipeline worth 10 billion rand in potential investments.
“We are in due diligence with two investors currently,” Sarang said in an interview. “The ideal investors at this point in time are development finance Institutions to come in and help us scale up together with institutional investors and pension funds.”
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