600 million people live without electricity in Sub-Saharan Africa

Revego is the sole limited partner that invests in one of the first equity funds to target the Sub-Saharan African renewable energy-focused sector. It is therefore well positioned to capitalise on sub-Saharan Africa’s (SSA) need to make major investments in the electricity sector required over the next 25 years.

Revego highlights

BEE Investment Vehicle

Initial Fund Size of

ZAR1.3-1.7 Bn

The intended initial size of the Revego Fund is ZAR1.3–1.7 billion, with Investec Bank Limited and UK Climate Investments (UKCI) jointly committing ZAR1 billion, in equal proportions, alongside other investors, thereby providing scale and ability to build a diversified asset base.

Why invest with Revego?

Focused on the electricity sector in Sub-Saharan Africa where there is a proven need for investment:

The targeted initial size of the Fund will make it a significant investor in the sector

R1.3-1.7bn

Returns are projected to be defensive in nature, stable and tax efficient providing a high yield return profile comparable to being in between government bonds and listed property stocks

Revego will be listed on the JSE, thereby providing an exit mechanism and liquidity for investors

After the listing, Revego will raise equity capital for additional investments as and when attractive opportunities are identified, thereby avoiding any drag on cash

The fund manager will be majority black-owned with an effective Black ownership

60.1%

Investec, as a shareholder in the fund manager, along with UKCI, will be anchor investors in Revego, having jointly committed ZAR1 billion

Our Experienced Renewable Energy Team

The Revego Board consists of members with deep industry and corporate knowledge. The Board brings together a unique balance of experience in the renewable energy sector, in Africa and globally, along with fund management expertise and a significant commercial, legal and industrial track record in Africa. The Board members’ experience in the sector should ensure that Revego is the leading voice in renewable energy investment in Africa.

Chairman

Dr Reuel Khoza

Dr Khoza is the President of the Institute of Directors South Africa and a distinguished leader and change agent at the forefront of transformation in the South African political economy. Dr Khoza is currently Chairman of Dzana Investments (Pty) Ltd, the Public Investment Corporation (PIC) and Assupol Insurance Group among others.  He has chaired the boards of Eskom Holdings, Nedbank Group, Globeleq, GlaxoSmithKline South Africa. He also served as a director of JSE Limited, Old Mutual Plc, IBM South Africa, Liberty Life Group, Sasol Oil, Nampak Limited and the Standard Bank Group.

Chief Executive Officer

Reyburn Hendricks

Reyburn is a joint controlling shareholder and manager of H1. Prior to this, he was a founding member of HJS Advisory Services (Pty) Ltd (subsequently acquired by Hosken Consolidated Investments) and was also a founding director of African Harvest Capital (now called Vunani Ltd), in its investment banking division. Reyburn also worked as an equity analyst and portfolio manager at Southern Asset Management.

NON-EXECUTIVE DIRECTORS

David Brown

David holds various non-executive director positions including Vodacom Group Limited, Northam Platinum and Accenture SA (advisory board). During his career, he was the Chairman and subsequently the CEO of MC Mining Limited where he was instrumental in designing and executing the turnaround strategy for the company. Amongst others, David was previously a non-executive director of Edcon Limited and CEO and CFO of Impala Platinum Holdings Limited.

Ipeleng Mkhari

Ipeleng is the co-founder and CEO of Motseng Investment Holdings (MIH), a diversified investment holdings group. A pioneering entrepreneur, she established the first black women owned CCTV business and subsequently founded MIH. She was a promoter of Delta Property Fund, a leading black managed property loan stock company. Ipeleng serves as the Chairperson of MPAMOT. She has served on various boards of unlisted and listed businesses, public sector agencies and non-profit organisations.

Richard Abel

Richard is Managing Director of UK Climate Investments (UKCI). UKCI sits within the Green Investment Group, which since 2017 has been part of the Macquarie Group. UKCI is a partnership between the UK Government and Macquarie Infrastructure and Real Assets (MIRA) to invest £200m of UK climate finance funds in transformational green energy projects in sub-Saharan Africa and India. MIRA is Macquarie’s specialist real asset fund management business and the largest infrastructure fund manager globally with over $100bn of assets under management. Richard’s career in MIRA has included global and pan-European COO roles and asset management and transaction activity. Before joining Macquarie, Richard was a UK Senior Civil Servant.

Shamilah Grimwood

Shamilah is a partner of Bowmans and Head of Bowmans’ Banking and Finance Department and was previously Head of Bowmans’ Infrastructure Sector. Mrs Grimwood acts for a full range of clients from developers to government utilities. Her transactional experience includes the structuring and negotiation of PPPs, concessions, privatizations and off-take arrangements.

Terence Chauke

Terence is a business leader with extensive experience across various sectors. Mr Chauke’s experience includes being founder chairman of POA (now Batseta). He serves on the board of the Government Employees Pension Fund board. At Executive level, Mr Chauke has served as CEO of the Eskom Pension and Provident Fund, Executive at Fedsure, Director at the Gauteng Department of Labour and Manager at Eskom Generation.

David Brown

David holds various non-executive director positions including Vodacom Group Limited, Northam Platinum and Accenture SA (advisory board). During his career, he was the Chairman and subsequently the CEO of MC Mining Limited where he was instrumental in designing and executing the turnaround strategy for the company. Amongst others, David was previously a non-executive director of Edcon Limited and CEO and CFO of Impala Platinum Holdings Limited.

Ipeleng Mkhari

Ipeleng is the co-founder and CEO of Motseng Investment Holdings (MIH), a diversified investment holdings group. A pioneering entrepreneur, she established the first black women owned CCTV business and subsequently founded MIH. She was a promoter of Delta Property Fund, a leading black managed property loan stock company. Ipeleng serves as the Chairperson of MPAMOT. She has served on various boards of unlisted and listed businesses, public sector agencies and non-profit organisations.

Richard Abel

Richard is Managing Director of UK Climate Investments (UKCI). UKCI sits within the Green Investment Group, which since 2017 has been part of the Macquarie Group. UKCI is a partnership between the UK Government and Macquarie Infrastructure and Real Assets (MIRA) to invest £200m of UK climate finance funds in transformational green energy projects in sub-Saharan Africa and India. MIRA is Macquarie’s specialist real asset fund management business and the largest infrastructure fund manager globally with over $100bn of assets under management. Richard’s career in MIRA has included global and pan-European COO roles and asset management and transaction activity. Before joining Macquarie, Richard was a UK Senior Civil Servant.

Shamilah Grimwood

Shamilah is a partner of Bowmans and Head of Bowmans’ Banking and Finance Department and was previously Head of Bowmans’ Infrastructure Sector. Mrs Grimwood acts for a full range of clients from developers to government utilities. Her transactional experience includes the structuring and negotiation of PPPs, concessions, privatizations and off-take arrangements.

Terence Chauke

Terence is a business leader with extensive experience across various sectors. Mr Chauke’s experience includes being founder chairman of POA (now Batseta). He serves on the board of the Government Employees Pension Fund board. At Executive level, Mr Chauke has served as CEO of the Eskom Pension and Provident Fund, Executive at Fedsure, Director at the Gauteng Department of Labour and Manager at Eskom Generation.

About Revego Africa Energy Fund

The Revego Fund is a private equity fund and is structured as an en commandite partnership.

The Fund is a private equity fund and is structured as an en commandite partnership. The following parties are the primary role players in relation to the Fund: the Limited Partner (Revego Africa Energy Limited), the General Partner, the Fund Manager (Revego Fund Managers), the Investment Committee and the Advisory Board.

Target Fund Size

Target region and sectors

Generation, transmission and distribution projects

Fund Details

Target Return

8%-10% Dividend Yield

Maximum Investment Exposure

Have no more than 10% of the enterprise value invested in projects that are either under construction or in development

Influence of Control

Shareholder and target company board level representation

Long term security

Provide investors with long-term stable dividends and potential for capital growth

Fund Details

Type of Investment

Target equity investments only in the renewable energy sector in sub-Saharan technologies

Legal Vehicle

Public company to be listed in the JSE which will be the sole Limited Partner in the Fund, an en commandite partnership between Revego and the General Partner

Investments and Exits

At the full discretion of the independent RFM Investment Committee

Raising Capital

Permit entering into short term borrowings to finance acquisitions, which must be repaid within 12 months from capital raisings , but will be limited to 30% of the enterprise value

Revego Fund Managers

The Revego Fund is managed by Revego Fund Managers (RFM), with a mandate to invest equity into the renewable energy sector in sub-Saharan Africa

RFM will be responsible for sourcing and managing Revego’s investments in operating renewable energy
projects in South Africa, and the broader SSA. The Revego Fund appointed RFM as its fund manager in
September 2019. RFM has an effective Black ownership of 60.1%.
Investec is the largest shareholder at 49%. In addition to an experienced management team, RFM has an
independent investment committee consisting of industry experts and experienced investment officers.

News

Chief Executive Officer, Reyburn Hendricks’ interview on Moneyweb

Reyburn Hendricks is interviewed by Simon Brown on the MoneywebNOW show, where he explains how the fund plans to ‘invest in a portfolio of operational renewable energy assets in sub-Saharan Africa’.

Read More
Bokpoort Acquisition

Revego Africa Energy Limited (Revego), has announced its first major acquisition, in the form of a 12% stake in the 50 MW Bokpoort Concentrated Solar Power (CSP) asset in the Northern Cape for R204 million.

Read More
The Revego Podcast Series

This series of four podcasts is brought to you by the Revego Africa Energy Fund to build awareness of new investment opportunities in the renewable energy sector of sub-Saharan Africa. The Revego Africa Energy Fund is listing on the JSE this year and is focusing on owning stakes in a portfolio of operating renewable energy assets, initially in South Africa, but then broadening across the sub-Saharan region.

Read More
Investec Bank backs a bridge facility funding renewables

The investment vehicle, set up with UK Climate Investments, wants equity in operating renewable energy projects

Read More
Investec and UKCI commit R1 billion toward renewable energy

One billion rand has been committed towards Africa’s renewable energy.

Read More
Aurora Wind Power starts commercial operation of the West Coast 1 wind farm

West Coast 1 will allow for an offset of an estimated 5.6 million tonnes of CO2 over the 20-year duration of its Power Purchase Agreement.

Read More

Contact us

If you are a shareholder of an operational renewable energy company who is looking for a fund to buy your investment or invest alongside you, Revego may
be able to provide you with this opportunity.

Contact Number
Address

100 Grayston Drive,
Sandown, Sandton 2196

Address

Investors – [email protected]