Onshore renewables

UKCI announces cornerstone investment in dedicated African renewable energy yieldco

17 January 2019

UK Climate Investments (“UKCI”) today announced a planned R500 million (£28 million) cornerstone investment in a dedicated African renewable energy yieldco, Revego Africa Energy Limited.

Managed by a newly incorporated majority black-owned fund manager, the investment vehicle will seek to acquire equity in operational renewable energy projects across sub-Saharan Africa. In a region where energy poverty is a major inhibitor of economic development, the investment vehicle aims to accelerate the installation of new clean generation capacity by helping developers to unlock and recycle capital in established green energy projects.

With an intention to seek a listing on the Johannesburg Stock Exchange in the first half of 2019, the investment vehicle aims to demonstrate the investment potential of the region’s renewable energy sector. The targeted initial listing size of the investment vehicle is approximately R2 billion. The new vehicle is expected to generate significant interest from the institutional investment.


"At home we’re world leaders in cutting emissions while growing our economy and abroad we’re sharing our expertise to unlock low carbon investments to help countries tackle and adapt to climate change.  

Strong climate action needs cooperation from the public and private sectors and this £28 million project is a great example of government action spurring on private investment in clean innovation, using our established track record in green finance to provide communities all over the world with reliable, clean power."

Claire Perry
UK Energy and Clean Growth Minister


"More than half of the world’s population currently living without access to electricity are in sub-Saharan Africa. By helping to facilitate the recycling of development capital into new renewable energy projects, this green finance initiative represents an exciting opportunity to accelerate the deployment of clean generation capacity for the region."

Richard Abel
Managing Director of UKCI 


"The UK is a world leader in tackling threats to our natural environment. Since 2011, UK climate finance has helped over 47 million people to cope with the effects of climate change, and provided 17 million people with improved access to clean energy.  

Africa is home to some of the fastest growing economies in the world. The partnership between UK Climate Investments and Investec, which will unlock capital in established green energy projects, is a great example of the UK private sector working to attract green finance investors to help realise the potential of African economies, while tackling climate change."

Harriet Baldwin
UK Minister of State for Africa


Access to a source of reliable and affordable energy is a critical enabler of poverty alleviation. In sub-Saharan Africa, where only one in three people have access to electricity, the build-out of renewable energy infrastructure is critical for sustainable economic development and the creation of communities more resilient to the challenges posed by climate change.

Investec Bank Limited (“Investec”), a founding shareholder of Revego Fund Managers (Pty) Ltd, the manager of the investment vehicle, has also confirmed a conditional commitment of R500 million to act as a cornerstone investor. Both UKCI and Investec’s commitments will realise once the investment vehicle is listed.

UKCI is a joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy, which aims to help the world’s developing economies tackle climate change and promote cleaner, greener growth.  UKCI is managed by Macquarie Infrastructure and Real Assets, the world’s largest infrastructure fund manager.

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About UK Climate Investments


UK Climate Investments is a £200 million pilot investment programme mandated to invest in India and sub-Saharan Africa. It targets transformational green energy investments where UK Climate Investments capital can mobilise additional private sector capital on a sustainable basis to promote cleaner, greener growth in these developing economies. UK Climate Investments LLP is a joint venture between the Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy. It forms part of the UK’s aid funded International Climate Finance, which is a UK Government commitment to support emerging markets and developing countries to respond to the challenges and opportunities of climate change. UK Climate Investments is managed by Macquarie Asset Management, the world’s largest infrastructure manager. For further information, please visit: www.greeninvestmentgroup.com/what-we-do/uk-climate-investments and www.gov.uk/guidance/international-climate-finance.


About Investec

Investec is an international specialist bank and asset manager that provides a diverse range of financial products and services to a niche client base in three principal markets, the United Kingdom and Europe, South Africa and Asia/Australia, as well as certain other countries. The group was established in 1974 and currently has approximately 10,100 employees.

Investec focuses on delivering distinctive profitable solutions for its clients in three core areas of activity namely, Asset Management, Wealth & Investment and Specialist Banking.

In July 2002 the Investec group implemented a dual listed company structure with listings on the London and Johannesburg Stock Exchanges.