Revego Africa Energy Fund acquires three South African solar assets

Revego Africa Energy Limited, a YieldCo focused on operating renewable energy projects in sub-Saharan Africa, through its investment in the Revego Africa Energy Fund, has acquired equity interests in a portfolio of three solar PV assets.

The acquisitions include the Aries Solar Park and Konkoonsies Solar Park, both located in South Africa’s Northern Cape as well as Soutpan Solar Park located in Limpopo. The acquisitions fit with Revego’s strategy of investing in a diversified portfolio of renewable energy assets in sub-Saharan Africa, that have a track record of generating stable cash flows, and that deliver an above-inflation dividend yield over an extended period.

Built as part of Bid Window 1 of the Renewable Energy Independent Power Producers Procurement Programme (REIPPPP), Aries and Konkoonsies (completed in March 2014) each have capacity of 11 MW and Soutpan (completed July 2014) has a capacity of 30 MW. Globeleq, a leading developer, owner and operator of independent power projects in Africa is the majority shareholder in all three assets.

Revego’s portfolio now consists of four solar assets and three wind assets, all of which have 20-year power purchase agreements.

Ziyaad Sarang, chief investment officer of Revego Fund Managers, the investment manager to Revego commented, “Revego’s long term ambition is to be one of the leading renewable energy investment companies, underpinned by investments in a geographically diverse portfolio of assets that reduce carbon emissions and increase resilience to climate change. With the focus on a just energy transition, we are pleased to be investing in projects that not only provide affordable and clean energy, but also those that support the communities and economies in remote parts of the country and that help build the critical infrastructure of the future.”