Investec-backed energy fund plans R1.5bn South Africa IPO

Revego Africa Energy Fund, an investor in South African renewable projects, is looking to raise as much as R1.5-billion by April with the industry poised to grow.The fund is backed by Investec, the Eskom Pension & Provident Fund and UK Climate Investment and is seeking to list on Johannesburg’s stock exchange, according to Revego Fund Managers chief investment officer Michael Meeser. “We have already identified assets equal to that value and have actually signed purchase agreements,” he said.The listing may come as South Africa starts to accept bids from independent energy producers to help ease the burden on state-owned utility Eskom Holdings, which struggles to meet the country’s electricity demand. The government is committed to buy an additional 11 800 MW of power from various sources, President Cyril Ramaphosa reiterated this month.