British International Investment (BII), the UK’s development finance institution and impact investor, and Alexforbes Investments (Alexforbes), South Africa’s largest multimanager, have each committed R500m to the Revego Africa Energy Fund.

It marks a pivotal step in developing South Africa’s secondary market for renewable energy assets.

This landmark investment of R1bn will support the expansion of Revego’s portfolio of renewable energy projects, thus laying the groundwork for a more liquid and accessible secondary market.

Funds like Revego create pathways for ownership to transition from developers to long-term investors.

Through this investment, BII and Alexforbes are helping to unlock the liquidity needed to be recycled into new greenfield renewable energy opportunities.

Supporting the scaling up of this new asset class is essential for mobilising institutional capital and bridging the funding gap in South Africa’s energy sector.

BII’s investment contributes to UK’s support for South Africa’s Just Energy Transition Partnership. We are supporting the growth of sustainable infrastructure, accelerating the country’s just energy transition, and encouraging further market participation.

It also exemplifies our commitment to supporting women empowerment through the 2X Challenge qualification, as well as black-owned and led businesses in Africa.

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.” 

Gyongyi King, CIO: Private Markets at Alexforbes, said: “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.

“With over two decades of experience in private markets and over R11bn 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.”

Ziyaad Sarang, Chief Investment Officer at Revego, said: “This deal marks a pivotal milestone for both investors and South Africa’s climate infrastructure. 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.”