UKCI Pledges to Invest R500 Million for Renewable Projects in Africa

  • Written by  Ayush Varma

The U.K. Climate Investments (UKCI) has announced that it will invest 500 million Rand (Rs 250 crore) in Revego Africa Energy Limited, an investment vehicle dedicated to renewable energy projects in Africa.

The primary objective of the investment vehicle will be 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.

Richard Abel, Managing Director of UKCI said, “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.”

Harriet Baldwin, UK Minister of State for Africa said, “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,” he added.

Investec Bank Limited, a founding shareholder of Revego Fund Managers 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.

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.

Login to post comments
back to top

BEAMED BC-TV

Latest on Economy

Economy

Mozambique to host 12th U.S.-Africa Busi…

14 March, 2019 | Hits:287

Johannesburg, South Africa (ADV) – Mozambique is s...

Economy

Aliko Dangote named richest person in Af…

05 March, 2019 | Hits:296

Aliko Dangote, the Nigerian businessman and Presid...

Economy

Expert: Small fragmented African airline…

28 February, 2019 | Hits:564

Like it has been the case in previous years, the g...

Economy

SKA infrastructure design complete

28 February, 2019 | Hits:519

South African Science and Technology Minister Mmam...

Economy

Kenyan and Chinese firms secure geotherm…

28 February, 2019 | Hits:440

Ethiopian Electric Power (EEP) has signed a deal w...

Economy

South Africa stimulus package to create …

28 February, 2019 | Hits:454

Transport Minister Blade Nzimande has announced a ...

Economy

eSwatini is facing an unprecedented econ…

28 February, 2019 | Hits:499

eSwatini’s economy probably contracted in 2018 and...

Economy

80% of women in low- and middle-income c…

27 February, 2019 | Hits:399

80 per cent of women in low- and middle-income cou...

Economy

South Africa - India trade relations dee…

27 February, 2019 | Hits:401

Two KwaZulu-Natal companies are on a mission to ex...

Economy

Closing Africa’s financing gap

27 February, 2019 | Hits:426

Toward the end of 2018, the United States merged e...

Economy

First China-Africa economic, trade expo …

27 February, 2019 | Hits:434

At least 1,000 African guests and traders will att...

Economy

Ethiopia moves to boost ease of doing bu…

27 February, 2019 | Hits:420

Ethiopia continues to work towards improving ease ...

Economy

US $7bn to be injected into infrastructu…

27 February, 2019 | Hits:410

South Africa is set to commit US $7bn over the nex...

Economy

Mozambique, Soliridad Southern Africa in…

26 February, 2019 | Hits:452

The National Institute for Standardization and Qua...

Economy

Mozambique, Soliridad Southern Africa in…

26 February, 2019 | Hits:473

The National Institute for Standardization and Qua...

Economy

Ethiopian Airlines to operate all-female…

26 February, 2019 | Hits:407

Ethiopian Airlines has announced that it has final...

Economy

Africa: The first African Digital Rail S…

26 February, 2019 | Hits:371

Cape Town, South Africa, 25 February 2019 - "Afric...

Economy

Tech startups in Sub-Saharan Africa to g…

26 February, 2019 | Hits:402

Tech startups from Sub-Saharan Africa markets to g...

Economy

IFC invests $15 million in Comoros telec…

25 February, 2019 | Hits:442

International Finance Corporation has made its fir...

Economy

MafAfrique to invest $7 Million in Tanza…

25 February, 2019 | Hits:378

Advisory and fund management group, MafAfrique, ha...

By Category

Local News

User Menu

About Us

Follow Us