Our investment
Description of the investment.
Description of the investment.
Our commitment to Revego Africa Energy Fund will support the expansion of its portfolio of renewable energy projects, laying the groundwork for a more liquid and accessible secondary market. Funds like Revego create pathways for ownership to transition from developers to long-term investors. Through this investment, we are helping to unlock the liquidity needed to be recycled into new greenfield renewable energy opportunities. Supporting the growth of this new asset class is essential to mobilise institutional capital and bridge the funding gap in South Africa’s energy sector.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
| Impact |
|---|
|
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How?
| Primary | Secondary |
|---|---|
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Catalysing markets: Support the development of a secondary capital market for operating renewable energy assets. Revego is the first operating renewable energy asset YieldCo focused on sub-Saharan Africa and, if successful, can demonstrate the economic viability of YieldCos within the secondary asset market. Successful development of the secondary market can indicate the possibility (and ease) of exits within the sector and as a result, mobilise potential new commercial investors. |
Direct: Revego’s work in enabling capital recycling into greenfield assets can support decarbonise electricity across South Africa. Regulation in the country requires Broad-based Black Economic Empowerment (BBEE) players to own up to 49 per cent of Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) projects. There are limited credible BBEE players and the existing players are capital constrained and therefore, an ability to recycle capital is impactful. Economic enabler: By enabling developers to recycle capital into greenfield projects, Revego can help accelerate the development of renewable energy projects across South Africa. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Planet |
Global |
n/a |
| Firms and employees |
South Africa |
n/a |
How much?
| Scale | Depth/Duration |
|---|---|
|
Within the South Africa market, potential to be large-scale given the quantum of capital Revego is currently seeking to raise, which would help developers recycle capital into greenfield investments. We also expect a strong demonstration effect in mobilising private capital for renewable energy investments at scale if proven successful. |
Impact will depend on the extent to which capital is recycled into renewable energy and the power generation that results from this. Impact will be deepest for firms and employees in industries requiring uninterrupted and affordable power supply for production. |
Contribution/additionality
| Contribution/additionality |
|---|
|
Financial additionality: By backing the first operating renewable YieldCo in Africa, we can mobilise commercial capital; help recycle capital from operating assets into greenfield renewables; and crowd in new investment for greenfield renewables by offering a new exit route for institutional investors. |
Risk
Execution RiskRelates to the risk that the investment is not successful in demonstrating the operating asset YieldCo model as an attractive means of financing renewable energy projects in South Africa. This risk is high given Revego is the only operating asset YieldCo in the market, so we need to be patient and tolerant of this risk. Alignment RiskRelates to the risk that Revego’s secondary proceeds are not reinvested into greenfield renewable energy assets as planned, or there is insufficient governance to track use of proceeds. Revego’s reasonable endeavours undertaking should minimise risk of misalignment. We think it is likely that most sellers will intend to recycle. External RiskInstitutional investors could still remain averse to investing primary equity in renewables due to perceived asset risk. |
Impact score
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Impact score (at point of investment)
The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. The Impact Score shown is based on the 2022-2026 Impact Score methodology. You can find out more here. The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party. |
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10 |
Environmental and social information
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Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
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Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
We have been working closely with Revego, providing guidance on enhancing the Platform’s Environmental & Social Management Systems to strengthen capacity, governance, and overall E&S risk management
Environmental and social risk
Medium-High
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at [email protected]
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Key facts
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2026
- Project number
:
An identifier number shared by investments in the same project.
- D8689
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- Southern Africa
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- South Africa
- Sector
:
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Infrastructure
- Investment policy :
- Growth
- Investment type :
- Fund
- Start date :
- October 2023
- Amount :
- $43.25m
- Currency of investment :
- ZAR
- Fund manager:
- Revego Fund Managers Pvt. Ltd
- Domicile
:
The company or investment fund’s place of incorporation.
- South Africa
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
Type of investment portfolio that each investment is made under. Since 2014, we have run two investment portfolios: Catalyst and Growth. In addition, our Kinetic Portfolio enables us to manage concessional investment strategies.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- Last updated
Related investments made by BII into this fund:
| Investment name | Commitment | Region | Sector | Start date | Status |
|---|---|---|---|---|---|
| Investment 01 | $43.84m | Southern Africa | Infrastructure | December 2025 | Active |
Investments made by this fund into companies:
For further information about these companies, visit https://revego.co.za/
| Investment name | Country | Region | Sector | Fossil Fuel or Renewable Exposure | Start date | Status |
|---|---|---|---|---|---|---|
| Aries | South Africa | Southern Africa | Infrastructure | October 2023 | Active | |
| Aurora Wind Power | South Africa | Southern Africa | Infrastructure | October 2023 | Active | |
| Bokpoort | South Africa | Southern Africa | Infrastructure | October 2023 | Active | |
| Globeleq Generation Limited – Konkoonsies | South Africa | Southern Africa | Infrastructure | October 2023 | Active | |
| Globeleq Generation Limited – Soutpan | South Africa | Southern Africa | Infrastructure | October 2023 | Active | |
| Kathu | South Africa | Southern Africa | Infrastructure | October 2023 | Active | |
| Khobab | South Africa | Southern Africa | Infrastructure | October 2023 | Active | |
| Loeriesfontein | South Africa | Southern Africa | Infrastructure | October 2023 | Active | |
| Noupoort | South Africa | Southern Africa | Infrastructure | October 2023 | Active | |
| Springbok | South Africa | Southern Africa | Infrastructure | December 2024 | Active |
