Revego Africa Energy Ltd has acquired stakes in three wind projects in South Africa. Revego Africa Energy Fund is the first yieldco – a company set up to own operating assets – to focus on renewables in Africa.
The company, which is a black economic empowerment investment vehicle, purchased the Lereko Metier Sustainable Capital Fund’s stakes in the 140MW Loeriesfontein II, 140MW Khobab and 80MW Noupoort wind projects, all located in the Northern Cape.
Revego targets wind, solar, hydropower and biomass projects in sub-Saharan Africa and is backed by Investec Bank and United Kingdom Climate Investments, which jointly invested R500m ($33.4m) each.
Noupoort was commissioned in July 2016, followed by Loeriesfontein II and Khobab in December 2017. All three were selected in the third round of South Africa’s Renewable Energy Independent Power Producers Procurement Programme (REIPPPP).
Revego’s other assets include investments in the 94MW Aurora wind farm, the 100MWp Kathu solar PV project, and the 50MW Bokpoort concentrated solar plant. Revego aims to deliver a dividend yield of 9-11%, increasing the dividend yield over time.
Image: Khobab wind farm from the air. Source: African Energy Live Data
South Africa Power Report 2021/22
South Africa’s electricity supply industry is facing major challenges. New capacity additions have been insufficient to arrest the decline in electricity generated, and despite a fall in demand severe load shedding has been imposed. This is against the backdrop of coronavirus which has placed a heavy burden on the economy.
African Energy’s South Africa Power Report 2020/21 assesses the causes and symptoms of this crisis from political power struggles, governance issues and the long list of policy documents that are supposed to guide the ESI's future direction – but where in many cases ambitions are unfulfilled – to the country’s huge potential for renewable energy and the pressures of ensuring a ‘just transition’ away from coal.
