https://www.engineeringnews.co.za

UK Climate Investments fulfils commitment, investing R500m in African renewables fund

18th August 2021

By: Tasneem Bulbulia

Deputy Editor Online

     

Font size: - +

Pilot investment programme UK Climate Investments on August 18 fulfilled its cornerstone commitment of R500-million to help establish Africa’s first dedicated renewable energy yieldco, which is managed by majority black-owned fund manager Revego Fund Managers.

Revego aims to tackle the challenge of a lack of access to electricity in sub-Saharan Africa, and accelerate the deployment of new clean electricity generation capacity by acquiring equity in operational renewable energy projects across the region, helping developers unlock and recycle capital.

UK Climate Investments has established this green finance vehicle alongside Investec Bank and the Eskom Pension and Provident Fund.

The initial portfolio will comprise stakes in six projects across South Africa, with a combined installed capacity of 605 MW.

Revego intends to continue to grow its portfolio through the acquisition of new assets across the region.

UK Climate Investments is a joint venture between Macquarie’s Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy, which invests UK International Climate Finance funding to help the world’s developing economies tackle climate change and promote clean, resilient and inclusive growth.

UK Climate Investments also recently marked the delivery of its latest project in South Africa – Kruisvallei Hydro – a run-of-river hydropower facility which it part-financed alongside majority black-owned renewable energy investor H1 Holdings.

The project takes the total capacity of renewable electricity financed through the partnership in South Africa to 254 MW.


 

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.056 1.002s - 141pq - 2rq
Subscribe Now