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Revego bags bridging facility to finance investments ahead of IPO

Image by: Green Energy Markets (www.greenmarkets.com.au).

November 18 (Renewables Now) - Revego Africa Energy Ltd, a renewables investment fund that was launched in early 2019, has secured a ZAR-1.25-billion (USD 84.6m/EUR 76.5m) bridging facility from Investec Bank in order to finance asset purchases in sub-Saharan Africa.

Revego, which counts Investec Bank and UK Climate Investments (UKCI) as cornerstone investors, plans to list on the Johannesburg Stock Exchange in the first quarter of 2020. Before that, however, it aims to build a portfolio of assets worth between ZAR 1.75 billion and ZAR 2.2 billion.

According to Mike Meeser, CIO of Revego Fund Managers, a majority black-owned firm that manages the fund, Revego has already signed deals for the acquisition of two assets and is holding advanced talks to buy an additional four.

The newly obtained bridge facility will help Revego finance its investment activity, it said.

(ZAR 10 = USD 0.677/EUR 0.612)

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