The capital injection will enable Revego to expand its portfolio of ten renewable energy projects across South Africa, eliminating 2.5 million tons of greenhouse gas emissions in FY2025. It will also invest in new, high-quality renewable energy assets that support South Africa’s energy transition.

BII and Alexforbes are each contributing R500 million, to lay the groundwork for a deeper, more liquid secondary market for renewable energy assets in South Africa. This move aligns with insights from an upcoming MOBILIST report. Funds like Revego create structured pathways for ownership to transition from developers to long-term investors, unlocking liquidity and scale. The deal also reflects rising institutional demand for climate-focused investments and addresses a significant funding gap in the sector.

“This deal marks a pivotal milestone for both investors and South Africa’s climate infrastructure,” said Ziyaad Sarang, Chief Investment Officer at Revego. “Investments like this are essential for de-risking climate projects, supporting sustainable infrastructure, and driving long-term economic growth. Beyond the immediate impact, they help build and scale an asset class suited to institutional investors, while deepening a secondary market historically overlooked by investors. With infrastructure-linked, inflation-protected returns and strong early performance, this deal highlights the sector’s untapped potential and signals a new wave of opportunity for those looking to participate in South Africa’s green investment landscape.”

Sustainable infrastructure is vital to South Africa’s growth and resilience. With vast opportunities to modernise economic, social and digital systems, private investment is key to rebuilding and future-proofing the nation. By accelerating investment in sustainable infrastructure, South Africa can drive job creation, energy security, and inclusive growth - aligning with global priorities as Africa’s energy transition takes centre stage at COP30 and the G20.

With the participation of BII, the deal sends a powerful signal to the market, encouraging further participation and helping to scale climate action across the country and beyond. BII has been investing in Africa for over 75 years, providing long-term capital that supports the growth of productive, sustainable and inclusive economies.

Chris Chijiutomi, Managing Director and Head of Africa, British International Investment, said: “As we evolve our climate finance approach in Africa, we remain committed to supporting a burgeoning market for renewable assets. In this case, we are deepening our support for Revego to build a liquid secondary market for renewables in Sub-Saharan Africa. By unlocking liquidity, we enable early-stage developers to recycle capital into new greenfield projects. We’re particularly pleased to partner with Alexforbes Investments, South Africa’s leading and largest multimanager, to establish a new asset class that mobilises institutional capital and strengthens local markets. It is key to accelerating the region’s energy transition plans.” 

Strengthening Africa’s secondary energy market will be instrumental in mobilising institutional capital and driving long-term sustainable investment. For Alexforbes, this deal marks its second investment into their newly launched Infrastructure Impact Fund-of-Funds - demonstrating a commitment to both sustainable development and inclusive investment.

The Infrastructure Impact Fund-of-Funds is designed to give clients access to an asset class that delivers long-term, inflation-beating returns while directly addressing South Africa’s critical infrastructure needs. Targeting a fund size of R5 billion, it invests in projects spanning renewable energy and essential infrastructure, helping to bridge the country’s infrastructure gap.

“We're delighted to invest alongside BII, whose commitment as a DFI with deep sector expertise further strengthens our shared conviction in Revego. Our participation in the Revego fund underscores our commitment to driving South Africa’s infrastructure and energy transition, building on our legacy of innovation and impact in private markets,” said Gyongyi King, CIO: Private Markets at Alexforbes. “With over two decades of experience in private markets and over R11 billion in private market investments, we bring deep expertise and robust governance to partnerships that deliver both financial performance and measurable socio-economic impact. This transaction is a natural extension of Alexforbes’ strategy to unlocking new opportunities for our clients and for the country’s sustainable growth. Revego’s position as a majority black-owned and managed renewable energy fund manager also aligns strongly with our transformation commitments, enabling us to channel capital into projects that have both financial and measurable socio-economic impact.”

Revego’s disciplined, data-driven approach to sustainable infrastructure investment is reflected in its careful asset selection and portfolio construction. Over four years of operation, the Fund has achieved a current Distributions to Paid-In (DPI) ratio of 0.37 (as at 30 September 2025) demonstrating strong risk-adjusted returns.

“This transaction opens the door to a new era for South Africa’s green infrastructure. With a pipeline of R10 billion in investable assets, the market is poised for significant growth. Strategic capital will be key to unlocking this potential - mobilising projects, strengthening investor confidence and accelerating the country’s low-carbon transition. For those seeking long-term, inflation-protected returns, the opportunity is clear: the sector is ready to scale,” concludes Sarang. 

Gyongyi King

Ziyaad Sarang